After twelve consecutive months of decline, the US inflation rate rose by two-tenths in July to 3.2%, at a time when the US followed prices closely. Federal ReserveIt raised interest rates again at its last meeting.
on a monthly basis, consumer prices It’s up two-tenths from June, the Bureau of Labor Statistics (BLS) noted this Thursday.
Two-tenths increase year-on-year is known after June indicator will be 3%lowest level since pre-pandemic.
Annual core inflation rate, which measures the increase in prices without counting neither energy nor food It is one of the indicators that the Fed pays the most attention while making a decision, and it fell by one tenth, with a slight decline, to 4.7% in July.
To be exact, the president of the United States Joe Biden, looking at this data, emphasizes that: Underlying at lowest level since September 2021 and notice that the overall inflation rate has dropped by two-thirds since last summer.
“The data released today shows that our economy is strong,” Biden said in a statement, emphasizing that unemployment remains low. The average worker’s wages are higher than before the pandemic.
U.S. inflation throughout July 12 consecutive months It broke the record of the last 40 years by stopping at 9.1% as a result of the interruption of the supply chain due to Russia’s war against Ukraine and the last throes of the pandemic since June 2022.
To try to control prices, the Federal Reserve began in March last year. raise interest rates between 5.25% and 5.5% today, their highest level since 2001.
In his last statement two weeks ago, the Fed Chairman said, Jerome Powell He thought it would still “take time” to see the effects of the central bank’s monetary policy “especially on inflation”, which would take months to return to the desired 2%.
In this context, the BLS Dropped 12.5% in one yearwhile food increased by 4.9% at that time.
The increase in housing prices, which increased by 4 in 10 and accumulated in July 7.7% annual increase- was the biggest contributor to the monthly increase in all prices, representing more than 90% of the said increase.
on a monthly basis, Food prices rose 0.2% in July, and energy increased by 0.1%, and the associated inflation increased by two-tenths.