After More Than 2 Years, Inflation Rate Finally Falls Below 3 Percent
Inflation ticked down slightly year-over-year in July as rising prices and elevated interest rates continue to drag on Americans’ finances, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday…
Inflation ticked down slightly year-over-year in July as rising prices and elevated interest rates continue to drag on Americans’ finances, according to the latest Bureau of Labor Statistics (BLS) release on Wednesday.
The consumer price index (CPI), a broad measure of the price of everyday goods, increased 2.9% on an annual basis in July and increased 0.2% month-over-month, compared to 3.0% in June, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, rose 3.2% year-over-year in July, compared to 3.3% in June.
Inflation rose from just 1.4% when President Joe Biden took office in January 2021 to a peak of 9% in June 2022, with July being the first month CPI has fallen below 3% since. Economists expected inflation to increase by 0.2% for the month and remain constant at 3.0% for the year, according to investment research and financial services firm Morningstar.
Tomorrow Wednesday 8:30 AM
CPI & core CPI estimated
YoY 3.0% & 3.2% pic.twitter.com/VFUQuO2unN— NOVA REAL INVEST (@novarealinvest) August 13, 2024
Recession fears have surged following a disappointing