Vox Sentences - Inflation took a breather in July

Inflation cooled in the US in July; Ukraine reportedly strikes an air base in Russian-occupied Crimea.

Tonight's Sentences was written by Jariel Arvin.

What to know about July inflation

Angela Weiss /AFP via Getty Images

• Inflation eased slightly in July compared to a year ago, according to a Bureau of Labor Statistics report released Wednesday. [CNN / Martha C. White]
• The difference in the consumer price index compared to last July was 8.5 percent; high, but an improvement over the 9.1 percent difference between June 2021 and 2022. For the first time in over two years, month-to-month inflation was 0 percent. [Associated Press / Christopher Rugaber]
• The report comes as the Federal Reserve Bank is working to tamp down demand and rein in inflation by raising interest rates. [New York Times / Jeanna Smialek]
• Energy prices fell 4.6 percent in July, while the cost of gas fell 7.7 percent after reaching record highs the month before. Airfares dropped nearly 8 percent. [Washington Post / Rachel Siegel]
• However, housing and food costs grew in July: Rent increased by 0.4 percentage points monthly, while grocery prices increased 1.3 percent. Both are expected to remain problems for American consumers. [USA Today / Paul Davidson]

Did Ukraine strike Russian-held Crimea?

• Wednesday, Ukraine said nine Russian aircraft were destroyed in blasts at an air base in occupied Crimea. [AP / Susie Blann]
• Russia initially downplayed the damage from the explosions. However, the Russia-backed leader of Crimea said the blasts killed one person, forced hundreds to flee, and damaged dozens of buildings. [NYT / Richard Pérez-Peña and Christiaan Triebert]
• Ukraine hasn’t publicly claimed responsibility for the strikes. However, a Ukrainian official told the Washington Post that special forces carried out the attack. [Washington Post / Isabelle Khurshudyan, Liz Sly, and Adela Suliman]
• Two Ukrainian military officials claimed the strikes were the start of a counteroffensive to take back the south from Russia. [Politico / Christopher Miller]

Former President Donald Trump invoked his Fifth Amendment right against self-incrimination during a New York deposition; the state is investigating the Trump Organization’s financial practices. [Insider / Sonam Sheth and Laura Italiano]

• A Minnesota county will pay eight minority corrections officers $1.5 million after a jail prevented them from guarding Derek Chauvin, the man who killed George Floyd, because they weren’t white. [Washington Post / Holly Bailey]
• Wednesday, President Joe Biden signed legislation to help veterans who were exposed to toxic burn pits while serving in the military. [CNN / Kate Sullivan]
• Sixty-three percent of Americans support electing presidents via popular vote, according to a Pew survey. [NPR / Ayana Archie]

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“These kinds of swings should be a reminder of how far our economy is right now from some semblance of normal. We should take a deep breath today but not do a victory dance.”

[Claudia Sahm, founder of Sahm Consulting and former Federal Reserve economist / Washington Post]

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