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In other news, US inflation ticked up in July according to government data released on Thursday. Core PCE increased to an annual rate of 4.2 percent, meanwhile, personal income rose 0.2 percent month-over-month. The uptick in the inflation index, which is used by the Federal Reserve to set interest rates, suggests that prices pressures may have to be addressed through another rate hike. However, analysts at High Frequency Economics added that price levels are expected to ease over the next few months – a statement that could be a welcomed reprieve for those beset by cost increases and a gradually tightening market.
