The Consumer Price Index (CPI) report revealed a continued trend of inflation.
Rates rose slightly by 0.2% in July.
This represents a level since June, according to economists consulted by The Wall Street Journal and Dow Jones Newswires.
Underlying inflation measured by the CPI, which excludes the volatile food and energy sectors, registered a slight decline compared to the 3.3% recorded in June.
Before the announcement, the expected monthly increase for July was 0.2%, following a 0.1% drop in June.
Overall, inflation remains stubbornly above the Federal Reserve’s 2% target rate, signaling continued challenges for the economy.
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Shelter and energy rate revealed
In July, the shelter index increased by 0.4 percent, contributing nearly 90 percent of the overall monthly increase in the all-items index.
The energy index remained unchanged after recording declines in the previous two months.
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Food prices
Food prices remained largely unchanged in July, with an overall increase of 0.2 percent, matching the rate seen in June.
The eating out index increased by 0.2 percent, while the eating at home index registered a slight increase of 0.1 percent, highlighting continued trends in consumer costs.
Food prices also showed consistency, rising 0.1% for the second consecutive month.
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July inflation rate revealed
Consumer prices registered a modest increase of 0.2% in July, bringing the annual increase to 2.9%.
“Core” prices, which exclude the often volatile categories of food and fuel, rose 0.2% from the previous month and 3.2% compared to the same period last year.
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Wholesale inflation slows
Producer price data released on Tuesday showed that wholesale inflation slowed more than expected.
That helped the S&P 500 index rise 1.7 percent on the day, for The New York Times.
Stock futures were flat on Wednesday ahead of the consumer inflation report.
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No changes expected
Economists predict that annual price increases will remain stable at 3%, matching the rate seen in June.
Underlying inflation, which excludes food and energy prices, is expected to moderate slightly, suggesting a nuanced view of the overall inflation outlook.
This is said to remain cool into July.
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July inflation rate due in minutes
Inflation takes center stage once again with the long-awaited release of the July Consumer Price Index (CPI) report, scheduled for 8:30 a.m. ET.
Traders expressed relief following Tuesday’s Producer Price Index (PPI) data, which indicated a potential easing of price pressures in the economy.
However, the CPI report is considered the most critical indicator of inflation.
This story originally appeared on The-sun.com read the full story
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