Annual Consumer Price Inflation Below 3%
The Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.2% in July on a seasonally adjusted basis, reversing the 0.1% decline in June. The annual increase was 2.9%, the smallest since March 2021. The shelter index was the main driver, contributing nearly 90% of the monthly rise, with a 0.4% increase. Energy prices remained flat after two months of decline, and food prices also saw a modest increase of 0.2%.
Core inflation, excluding food and energy, rose by 0.2% and 3.2% year-on-year, driven by gains in shelter, motor vehicle insurance, and household furnishings. Despite these increases, some areas like used cars, medical care, and airline fares saw price declines.
Cue the Fed.
Key Facts:
- Monthly CPI-U increase: 0.2% in July 2024.
- Annual CPI-U increase: 2.9%, the smallest since March 2021.
- Shelter index: Increased by 0.4%, accounting for nearly 90% of the overall rise.
- Energy index: Unchanged in July, following two months of decline.
- Food index: Increased by 0.2%, consistent with June’s growth.
- Core inflation (less food and energy): Up 0.2% in July, with annual growth of 3.2%.
- Declining sectors: Used cars, medical care, airline fares, and apparel saw price drops.
Source: https://global-macro-monitor.com/2024/08/14/annual-consumer-price-inflation-below-3/
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