2023-08-10 16:05:41
The US Consumer Price Index (CPI) rose 3.2% in July from the same month last year, the US Department of Labor announced on the 10th.
This is 0.1 percentage point lower than the 3.3% forecast by experts.
Excluding highly volatile food and energy prices, the core CPI rose 4.7% year over year, up slightly 0.2% from the previous month.
The main cause of inflation has been found to be rent. Rents are up 7.7% from a year ago.
Used car prices fell 1.3% compared to the previous month, medical insurance service costs fell 0.4%, and airfare rates also fell 8.1%.
The Labor Department said real wage growth was 1.1% per year as inflation eased.
With the announcement of the CPI report on this day, the New York Stock Exchange Dow Jones Industrial Average rose 200P during the day, while the yield on government bonds fell.
US inflation has slowly slowed since hitting 9% in June 2022, but is still well above the 2% target set by the Federal Reserve.
VOA News
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