2023-11-14 14:13:00
The inflation in USA was exactly 0% during the month of October. In this way, the number stabilized after two months of consecutive increases. It is the first time since July 2022 that prices did not rise on a month-on-month basis.
This number is well below what was recorded in Septemberwhen progress was seen in the Consumer Price Index (CPI) of the 0.4% monthly.
For its part, on a year-on-year basis, the figure reached 3.2% in the tenth month of the yearaccording to data published by the Bureau of Labor Statistics. While the core Consumer Price Index (CPI), which excludes food and energy costs, increased 0.2%, with 4.0% increases in the last 12 months.
Although far from the Federal Reserve’s expectations of a 2% rate, This represents good news for the body since it shows that the maintenance of interest rates, among other variables, has caused a cooling in this sense.
All this after inflation will reach its highest point in 41 years in the middle of the yearwhen North American consumers felt the effects of a supply chain crisis related to the Covid-19 pandemic and an increase in raw material prices, especially oil, associated with Russia’s invasion of Ukraine.
In May, the CPI registered an interannual rate of 8.6%a record since December 1981. In that month, the price increase stood at 1% on a month-on-month basis.
This caused the FED, chaired by Jerome Powell, raise the reference interest rate. At the moment, It is in a range between 5.25% and 5.50%a figure that was decided not to change at the last meeting of the organization, held in early November.
However, and beyond the encouraging inflation data, analysts and experts remain cautious about the need, even, for the variables to decrease even more.
“Core inflation will have to weaken consistently over the next three to six months to support the notion that the pace of increases is aimed at 2% sustainability,” he said. Kurt Rankinsenior economist at PNC Financial Services Groupin dialogue with the North American media CNBC.
An incredible number in Argentina
The 0% month-on-month CPI recorded during October in the United States It’s an unexpected number In an Argentine economy already accustomed to volatility in prices, with increases during the same period of time of 8.3%according to INDEC.
Only if we take the North American interannual figure, 3.2%, and compare it with the last 24 indices published by the national government entity, the monthly price index Argentinian was only below once of this number: in November 2021, when the increase was 2.5%.
News in development…
1699972081
#incredible #inflation #data #United #States #October