News

U.S. consumer prices rose moderately in July and the annual increase in inflation slowed to below 3% for the first time in nearly 3-1/2 years, opening the door wider for the Federal Reserve to cut interest rates next month. The report from the Labor Department on Wednesday marked the third straight month of tame consumer price readings and added to a mild rise in producer prices last month in suggesting that inflation was firmly back on a downward trend.

Shelter inflation ticked higher in July on a monthly basis.

NEW YORK (Reuters) -Global jet fuel demand is poised to soften as a slowdown in consumer spending hits travel budgets, a shift that could weigh on oil prices in the months ahead. Global oil demand has not met expectations in the first half of 2024 due to weaker-than-forecast consumption in the U.S. and China, the top two oil markets. Jet fuel makes up about 7% of global oil demand and was widely expected to be a pillar of growth this year as travel continued to rebound from the pandemic.