THE Consumer Price Index (CPI) report has revealed a continued inflation trend.
Rates have risen slightly 0.2% in July, following a 0.1% decline in June.
This marks a plateau since June, according to economists surveyed by The Wall Street Journal and Dow Jones Newswires.
Core CPI inflation, which excludes the volatile food and energy sectors, showed a slight decrease from June's 3.3%.
Overall, inflation remains stubbornly above the Federal Reserve's target rate of 2%, signaling ongoing challenges for the economy.
Follow our inflation rate data live updates blog for the latest…
Monthly inflation data in 2024
Here is the seasonally adjusted inflation changes from the preceding month in 2024:
- January: 0.3%
- February: 0.4%
- March: 0.4%
- April: 0.3%
- May: 0.0%
- June: -0.1%
- July: 0.2
- August: TBA
6 minutes agoBy Amanda Castro
All other indexes in July revealed, continued
In July, the medical care index decreased by 0.2 percent, following a 0.2 percent rise in June.
Notably, the index for hospital services fell by 1.1 percent, while both the physicians' services index and the prescription drugs index saw a slight increase of 0.1 percent.
On the other hand, the motor vehicle insurance index rose by 1.2 percent in July, building on a 0.9 percent increase in June.
The index for household furnishings and operations also increased by 0.3 percent, with additional gains seen in the indexes for education, recreation, and personal care.
However, the automotive market faced challenges, as the index for used cars and trucks fell by 2.3 percent, following a 1.5 percent decrease in June.
Other notable declines included the airline fares index, which dropped by 1.6 percent, the apparel index decreasing by 0.4 percent, and the new vehicles index falling by 0.2 percent, reflecting a varied landscape in consumer costs.
All other indexes in July revealed
The index for all items excluding food and energy rose by 0.2% in July, following a 0.1% increase in June.
A significant contributor to this increase was the shelter index, which climbed by 0.4%.
Within this category, the rent index rose by 0.5%, while the owners’ equivalent rent increased by 0.4%.
Additionally, the lodging away from home index experienced a modest rise of 0.2% in July, recovering from a 2.0 percent decline in June, per the BLS.
16 minutes agoBy Amanda Castro
Energy index remains 'unchanged' for July
In July, the energy index remained "unchanged," per the Bureau of Labor Statistics, following a 2.0 percent decline in June.
The gasoline index showed no change for the month, although, before seasonal adjustments, gasoline prices rose by 0.8 percent.
But the electricity index saw a slight increase of 0.1 percent, and the fuel oil index rose by 0.9 percent.
In contrast, the natural gas index fell by 0.7 percent.
21 minutes agoBy Amanda Castro
Mixed trends for food in July, part three
The index for other food at home also experienced a 0.9% increase.
In contrast, the cereals and bakery products index remained unchanged, while the fruits and vegetables index and the dairy and related products index both fell by 0.2%.
On the other hand, the food away from home index rose 4.1% over the past year.
Within this category, limited service meals increased by 4.3%, and full service meals saw a rise of 3.8%, highlighting a stronger upward trend for dining out compared to home food prices.
26 minutes agoBy Amanda Castro
Mixed trends for food in July, continued
The food away from home index increased by 0.2%, following a 0.4% rise in each of the previous two months.
Within this category, the index for limited service meals rose by 0.3%, while full service meals saw a more modest increase of 0.1%.
Over the past year, the food at home index has climbed by 1.1%.
The index for meats, poultry, fish, and eggs rose significantly, increasing by 3.0%, and the nonalcoholic beverages index saw a 1.9 percent rise.
31 minutes agoBy Amanda Castro
Mixed trends for food in July
The food index rose by 0.2% in July, mirroring the increase from June, while the index for food at home increased by 0.1%, per the Bureau of Labor Statistics.
Among the six major grocery store food group indexes, three recorded gains, while the other three experienced declines.
Notably, the index for meats, poultry, fish, and eggs rose by 0.7%, driven by a significant 5.5% increase in egg prices.
The fruits and vegetables index also climbed by 0.8%, and the nonalcoholic beverages index rose by 0.5%.
In contrast, the index for other food at home decreased by 0.5 % in July after a 0.5 % increase in June.
The cereals and bakery products index saw a decline of 0.5%, while the dairy and related products index fell by 0.2%, highlighting the mixed trends within the food sector.
36 minutes agoBy Amanda Castro
Quick summary of monthly rise
The index for all items excluding food and energy increased by 0.2% in July, following a 0.1% rise in the previous month.
Notable increases were seen in categories such as shelter, motor vehicle insurance, household furnishings and operations, education, recreation, and personal care.
In contrast, the indexes for used cars and trucks, medical care, airline fares, and apparel experienced declines over the month, reflecting a mixed picture of inflationary pressures in various sectors.
41 minutes agoBy Amanda Castro
Shelter and energy rate revealed
In July, the index for shelter rose by 0.4%, contributing nearly 90% of the overall monthly increase in the all-items index.
The energy index remained unchanged after experiencing declines in the previous two months.
Prices on food
Food prices remained largely unchanged in July, with an overall increase of 0.2%, matching the rate seen in June.
The index for food away from home rose by 0.2%, while the food at home index experienced a slight uptick of 0.1%, highlighting the ongoing trends in consumer costs.
Grocery prices also showed consistency, rising by 0.1% for the second consecutive month.
- 51 minutes agoBy Amanda Castro
- July's inflation rate revealed
- Consumer prices experienced a modest rise of 0.2% in July, bringing the annual increase to 2.9%.
- Volatile food and fuel prices climbed by 0.2% month-over-month and 3.2% compared to the same period last year.
- 52 minutes agoBy Amanda Castro
Wholesale inflation slows
Data on producer prices released on Tuesday showed wholesale inflation slowing more than expected.
This helped the S&P 500 index to rise 1.7% for the day, per The New York Times.
Stock futures were flat on Wednesday ahead of the consumer inflation report.
No changes expected
Economists project that annual price increases will remain steady at 3%, matching the rate seen in June.
Core inflation, which excludes food and energy prices, is expected to moderate slightly, suggesting a nuanced view of the overall inflation landscape.
It is said to remain cool this for July.
July inflation rate due in minutes
Inflation takes center stage once again with the highly anticipated release of the July Consumer Price Index (CPI) report, scheduled for 8:30 am 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 more critical gauge for inflation.
Most Popular
Comments / 0