Consumer prices rise in July, but rate of inflation slows
11 August 2021
The core Consumer Price Index (CPI), which tracks prices of goods and services excluding food and energy, rose by 0.3% in July on a month-over-month basis.
Why it matters: The reading shows a slowdown in the rate at which inflation has been growing, after a 0.9% rise in June and 0.7% in May.
- The Federal Reserve is watching closely for signs that inflation is getting overheated, which could lead it to pull back its emergency market support sooner rather than later.
- Economists expected a 0.4% rise.
The big picture: While inflation is still high by historical standards, Wednesday's figures show that it may have peaked, at least for the time being. Another inflation measure, the core personal consumption expenditures index (PCE), also retreated from a peak monthly growth level in its most recent reading on July 30.
Zoom in: Meanwhile, the headline CPI figure, which includes energy and food prices, showed a 0.5% monthly increase, compared to a 0.9% uptick in June.
- On a year-over-year basis, July’s core CPI and headline CPI figures rose 4.3% and 5.4%, respectively.
Transcripts show George Floyd told police "I can't breathe" over 20 times
Section2Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.
Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.
The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.
- The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.
What the transcripts say:
- Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
- The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
- Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."
Read the transcripts via DocumentCloud.