U.S. inflation cools more than forecast on gas price drop
The consumer price index increased 8.5 per cent from a year earlier, cooling from the 9.1 per cent June advance that was the largest in four decades, Labor Department data showed Wednesday. Prices were unchanged from the prior month. A decline in gasoline offset increases in food and shelter costs.
So-called core CPI, which strips out the more volatile food and energy components, rose 0.3 per cent from June and 5.9 per cent from a year ago. Economists in a Bloomberg survey projected a 0.2 per cent rise in the overall CPI from a month ago and an 8.7 per cent year-over-year increase. Core CPI was forecast to rise 0.5 per cent from June and 6.1 per cent from a year ago.
Treasury yields slid across the curve while S&P 500 futures extended gains and the dollar plunged. Traders reduced the odds of the U.S. central bank boosting rates by three-quarter percentage point next month.Article contentWhile a drop in gasoline prices is good news for Americans, their cost of living is still painfully high, forcing many to load up on credit cards and drain savings.
Gasoline prices fell 7.7 per cent in July, the most since April 2020, after rising 11.2 per cent a month earlier. Utility prices fell 3.6 per cent from June, the most since May 2009.Even though inflation decelerated, Fed officials have said they want to see months of evidence that prices are cooling, especially in the core gauge. They’ll have another round of monthly CPI and jobs reports before their next policy meeting on Sept. 20-21.
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