2023-07-12 12:34:24
shop in America
The annual inflation rate in America slowed more than expected during the month of June, to reach 3 percent, compared to 4 percent in May, as inflation continues to recede, but perhaps not fast enough to dissuade the US Federal Reserve from resuming interest rate hikes later this month. .
Expectations were that the inflation rate in the world’s largest economy would decline to 3.1 percent on an annual basis in June.
On a monthly basis, the consumer price index in the United States slowed more than expected to 0.2%, compared to 0.1% in May.
The core CPI, which excludes food and energy prices, also slowed more than expected to 4.8 percent year-on-year, from 5.3 percent in May.
On a monthly basis, the core consumer price index came in at 0.2 percent in June, compared to expectations that it would come in at 0.3 percent.
And in mid-June, the US Federal Reserve decided to fix key interest rates within the range of 5 and 5.25 percent for the first time since January 2022.
And following the US Central Bank raised interest rates ten times in a row, starting in March 2022, the interest rate-setting committee of the Federal Reserve voted in favor of maintaining the current interest rates.
The Fed has indicated that the cost of borrowing will likely rise by another half percentage point by the end of this year, given the economy’s strength than expected and inflation slowing.
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