Consumer prices (CPI) in the US rose by 2.7% year-on-year in July, according to the Department of Labour.
Thus, the growth rate remained unchanged compared to June. Analysts polled by Trading Economics had expected inflation to accelerate to 2.8%.
Energy prices in the US fell by 1.6% last month, including a 9.5% drop in gasoline prices. Food prices rose by 2.9%, transportation services by 3.5%, and housing by 3.7%.
Prices for new cars rose by 0.4%, and used cars by 4.8%. The CPI index rose by 0.2% in July compared to the previous month, as analysts had expected.
Consumer prices excluding food and energy (Core CPI) rose 0.3% last month compared to June and 3.1% year-on-year, with the annual increase being the highest in five months. Experts had predicted increases of 0.3% and 3%, respectively. In June, the increase was 0.2% and 2.9%.
The Federal Reserve System is closely monitoring data on consumer price growth in the country, which is one of the key factors in making decisions on monetary policy. The US central bank’s inflation target is 2%. The next Fed meeting will take place on September 16-17.
