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The possibility of lowering interest rates in the US during the next meeting of the Federal Reserve (Fed) in September gained momentum on Wednesday after official data reported a decline in inflation in July.
The consumer price index (IPC) fell in July to 2.9% year-on-year, below the 3% reported in June, that is, the lowest level since March 2021, according to data published by the Department of Labor.
He IPC was slightly below the average established by economists surveyed by Dow Jones, Newswires y The Wall Street Journal.
However, prices increased 0.2% in the monthly comparison with June, when it had been 0.1%. This trend is in line with analysts’ expectations, according to the consensus of MarketWatch.
Core inflation, excluding changes in prices, volatile foods and energy, was 3.2% year-on-year, also in line with market expectations and slightly down from the previous month (3.3%).
The president of United States, Joe Biden, He welcomed the “progress” in the fight against inflation.
“We still have work to do to reduce costs for American workers, but we are making real progress.” progress, with wages rising faster than prices over the past 17 months,” he said in a statement.
The decline in the inflation This is mainly due to a decline in the prices of new and used vehicles, and to a lesser extent clothing and fuel. Services, excluding energy, which are the main drivers of inflation, increased in the monthly comparison: 0.3% in July compared to 0.1% in June. The largest increases were in housing and transport.
“Housing data is a bit disappointing and remains a thorn in the side of the economy. Federal Reserve”, Oxford Economics chief economist Ryan Sweet estimated in a note.
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2024-08-21 17:17:32