In July, consumer spending in the United States grew steadily, while inflation pressure remained stubborn.

Despite continued high inflation, consumer spending in the United States in July grew at the fastest pace in four months, demonstrating the resilience of demand. Data from the US Bureau of Economic Analysis on Friday showed that adjusted for inflation, consumer spending increased by 0.3% month-on-month. Income growth drove the increase in consumer spending, with spending on goods becoming the main driver. Excluding food and energy, the core Personal Consumption Expenditures (PCE) price index rose by 0.3% month-on-month and increased to 2.9% year-on-year, reaching the highest level since February.