US consumer prices increase as expected in July
WASHINGTON — U.S. consumer prices increased slightly in July, potentially weakening the argument for an interest rate increase from the Federal Reserve next month. The Consumer Price Index edged up 0.1 percent last month after dropping 0.4 percent in June, which was the first decline in six years, the Labor Department's Bureau of Labor Statistics said on Wednesday. In the 12 months through July,…
In July, U.S. consumer prices rose slightly, potentially diminishing the chances of the Federal Reserve raising interest rates next month, according to the Labor Department's Bureau of Labor Statistics. The Consumer Price Index (CPI) increased by 0.1% compared to the previous month, marking a slight contrast from a 0.4% drop in June, the first decline in six years. Over the past year, the CPI rose by 3.4%, following a 3.5% increase in June.
When food and energy costs are excluded, the core CPI rose by 0.2% last month, compared to no change in June. The core CPI saw a 2.5% increase over the year ending July, up from a 2.6% rise in June. Economists surveyed by Reuters had anticipated a 0.1% increase in the CPI and a 0.2% rise in core inflation for the month. The Federal Reserve uses the Personal Consumption Expenditures price indexes to guide its 2% inflation target.
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- US consumer prices increase as expected in July koreatimes.co.kr
