In what continues to be good news in the fight against inflation, the latest data from the Bureau of Labor Statistics released Wednesday 14th August 2024 shows consumer price increases came in line with estimates during the month of July.
The Consumer Price Index (CPI) increased by 0.2% in July, a rise from June's 0.1% decrease, driven by higher energy prices. This monthly price increase was in line with economists' expectations.
On an annual basis, the CPI rose by 2.9% in July, slightly below June's 3% increase and also lower than the anticipated 3% rise. This marks the lowest annual inflation rate since spring 2021.
Excluding the volatile food and gas prices, the "core" CPI rose 0.2% month-over-month and 3.2% year-over-year, meeting economist forecasts. In June, core prices had increased by 0.1% from the previous month and 3.3% annually.
Inflation remains above the Federal Reserve's 2% target, but recent economic indicators, including a weaker-than ...
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