US: Annual core CPI rises to 1.6% in July vs. 1.1% expected

• Core inflation in the US rose more than expected in July.
• US Dollar Index stays in the negative territory near 93.60 after the data.

Inflation in the US, as measured by the Consumer Price Index (CPI), remained steady at 0.6% on a monthly basis in July, the report published by the US Bureau of Labor Statistics showed on Wednesday. On a yearly basis, the CPI rose from 0.6% to 1%.

Further details of the publication revealed that the core CPI, which strips the volatile food and energy prices, jumped from 1.2% to 1.6% and came in higher than analysts' estimate of 1.1%.

Market reaction

The US Dollar Index paid little to no mind to these figures and was last seen posting small daily losses at 93.61.