In July, the Consumer Price Index (CPI) reported a rise of 2.9% for the 12 months ending in July, which is lower than June’s 3% annual gain. This marks the first time in over three years that the CPI has fallen below 3%. Prices increased by 0.2% on a monthly basis in July, rebounding from a 0.1% decline the previous month. Economists had anticipated a 0.2% monthly increase and an annual increase of 3%, according to Fact Set consensus estimates.
The slowdown in price hikes in July was lower than expected, with the CPI dropping below 3% for the first time in over three years. The Bureau of Labor Statistics’ latest CPI report revealed a 2.9% increase in consumer prices for the 12 months ending in July, down from June’s 3% annual gain. Prices in July rose by 0.2% on a monthly basis, marking a turnaround from a 0.1% decline in the previous month. Expectations among economists were for a monthly increase of 0.2% and an annual rise of 3%, according to Fact Set consensus estimates.
Despite expectations of a 0.2% monthly increase and an annual rise of 3%, the CPI report for July showed a slowdown in price hikes. Consumer prices increased by 2.9% for the 12 months ending in July, lower than June’s annual gain of 3%. A monthly increase of 0.2% was recorded in July, following a 0.1% decline the month before. This marks the first time in over three years that the CPI has fallen below 3%, indicating a moderation in price growth.
The latest CPI report from the Bureau of Labor Statistics revealed that the rate of price hikes slowed in July, with the Consumer Price Index falling below 3% for the first time in more than three years. Consumer prices increased by 2.9% for the 12 months ending in July, a decrease from June’s 3% annual gain. On a monthly basis, prices rose by 0.2% in July, reversing a 0.1% decline in the previous month. Economists had anticipated a 0.2% monthly increase and an annual rise of 3%, according to Fact Set consensus estimates.
The unexpected slowdown in price hikes in July resulted in the Consumer Price Index falling below 3% for the first time in over three years. The Bureau of Labor Statistics’ latest CPI report reported a 2.9% increase in consumer prices for the 12 months ending in July, down from the 3% annual gain in June. Prices in July rose by 0.2% on a monthly basis, rebounding from a 0.1% decline in the previous month. Expectations among economists were for a monthly increase of 0.2% and an annual rise of 3%, according to Fact Set consensus estimates.
In conclusion, the July CPI report showed a slowdown in price hikes, with consumer prices rising by 2.9% for the 12 months ending in July. This marked a decrease from the 3% annual gain in June and the first time the CPI fell below 3% in over three years. Prices in July increased by 0.2% on a monthly basis, following a 0.1% decline in the previous month. Economists had anticipated a monthly increase of 0.2% and an annual rise of 3%, according to Fact Set consensus estimates.
