U.S. Consumer Prices Rise in July

Friday, 10 August 2018 19:43 WIB

Ekonomi ASHarga KonsumenConsumer Price


U.S. consumer prices rose in July, with a gauge excluding food and fuel costs posting the biggest annual gain since 2008, underpinning expectations that the Federal Reserve will raise interest rates next month.

The consumer-price index rose 0.2 percent from June after a 0.1 percent month-on-month gain the prior month, a Labor Department report showed Friday. That matched the Bloomberg survey median. Excluding food and energy, the core gauge was also up 0.2 percent, the same as projected. The core measure on a year-over- year basis advanced 2.4 percent, the biggest jump in that measure since September 2008.

The results indicate steady consumer demand will sustain inflation, at a time tariffs and counter-levies by the U.S. and nations including China also threaten to lift costs on a range of goods. Sustained progress toward the Fed's goal -- based on its preferred gauge of inflation -- keeps the central bank on track for one or two more rate hikes this year.

The overall CPI gauge rose 2.9 percent in the 12 months through July, matching the survey median, the report showed. Core CPI was projected to advance 2.3 percent on an annual basis.

About 60 percent of the increase in the overall index came from a jump in shelter costs.

Some items that posted big declines in June reversed course in July. Among them were hotel and motel rates, which rose 0.4 percent after a record decline of 4.1 percent in June. Airfares jumped 2.7 percent, the most since July 2013, following a 0.9 percent drop in June.

Apparel decreased again, dropping 0.3 percent after falling 0.9 percent the prior month.

The core CPI reading brought the three-month annualized gain to 2.3 percent, after rising 1.7 percent in June.

Source : Bloomberg




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