With inflation easing and the labor market cooling, the risks of keeping policy too tight are mounting. The CME Group now puts the implied odds of a September rate cut at 92.2 percent, reflecting growing expectations in the fed funds futures market that the Fed will respond to the softer data.

The cost of housing rose 0.2% in July, driving the overall increase in the index, while the price of food was unchanged as food at restaurants increased 0.3% but groceries fell 0.1%. The cost of energy fell 1.1% on a 2.2% drop in the price of gasoline.

India's retail inflation rate dropped to its lowest level in eight years, as falling food prices, especially vegetables and pulses, squeezed the incomes of some farmers.

Mumbai Office India’s retail inflation, measured by the Consumer Price Index (CPI), dropped sharply to 1.55% in July 2025 — the lowest since June 2017 — according to data from the Ministry of Statistics and Programme Implementation,

India's retail inflation hit an eight-year low of 1.6% in July, driven by moderating food prices and a favorable base effect. This marks the ninth consecutive month of easing inflation, with food inflation declining by 1.

U.S. consumer prices increased moderately in July, largely in line with expectations, though rising costs for goods because of import tariffs led to a measure of underlying inflation posting its largest gain in six months.