US consumer spending in July saw the largest increase in four months, showing resilient demand amid stubborn inflation.

In July, consumer spending in the United States saw the largest increase in four months, indicating that despite stubborn inflation, demand remains resilient. Data released by the US Bureau of Economic Analysis on Friday showed that consumer spending, adjusted for inflation, increased by 0.3% month-on-month. This growth was driven by income growth, mainly from spending on goods. The core personal consumption expenditure price index, excluding food and energy, rose by 0.3% in June. Compared to the same period last year, this index climbed by 2.9%, reaching the highest growth rate since February.