US CPI Rise Falls Short of Expectations in July
CryptoNewsTerminal Staff14 Aug, 2024
US CPI Rise Falls Short of Expectations in July
The US Bureau of Labor Statistics reported that the consumer price index (CPI) rose 2.9% year-over-year in July, down from 3.0% in June. This was below the market consensus of 3.0%. The core CPI, which excludes food and energy, rose 0.2% month-over-month as expected. Analysts attributed the lower-than-expected CPI increase to a decline in used car prices, which fell 1.5% in July. This offset increases in other categories, such as food and energy. The CPI report provides evidence that inflation is moderating in the US, which could give the Federal Reserve more leeway to maintain its accommodative monetary policy stance.
