US inflation likely rose moderately in July as gasoline prices fell
The CPI likely rebounded 0.1% last month after falling 0.4% in June, its first decline in six years, according to a Reuters poll.
US consumer prices likely increased moderately in July, according to a report from the Labor Department's Consumer Price Index. This could lead to reduced expectations that the Federal Reserve will raise interest rates this year. The report follows recent job losses last month and comes as the US is a net oil exporter and petroleum inventories are being reduced.
Economists view inflation risks as tilted to the upside due to the ongoing US-Israeli war with Iran. President Trump has accused Iran of being devious negotiators and described his options in the conflict. Gasoline prices averaged $4.064 a gallon in July, down from $4.184 in June. Food prices are expected to have risen marginally, while goods prices, including household furniture and apparel, are also likely to contribute to the moderate rise in the CPI.
The year-on-year increase in the CPI is forecast to be 3.4%, while the core CPI is expected to rise 2.5%.
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- US inflation likely rose moderately in July as gasoline prices fell freemalaysiatoday.com
