Inflation in line with expectations in July as investors eye rate cuts
08/14/2024 19:41
On Wednesday, investors will digest one of the most important data points that will shape future Federal Reserve interest rate policy: July's Consumer Price Index.
A closely-watched report on US inflation showed consumer price increase came in line with estimates during the month of July, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.
The Consumer Price Index (CPI) rose 0.2% over the previous month, an uptick from June's 0.1% decline amid a pickup in energy prices. The monthly increase in prices was in-line with economist expectations.
The index increased 2.9% over the prior year in July, which was a slight deceleration compared to June's 3.0% annual gain in prices and also ahead of economist expectations of a 3.0% annual increase.
On a "core" basis, which strips out the more volatile costs of food and gas, prices in July climbed 0.2% over the prior month and 3.2% over last year — matching economist expectations. Core prices rose 0.1% month over month and 3.3% on an annual basis in June.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at [email protected].
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