2024-08-30 17:28:02
WASHINGTON (AP) — Inflation measures closely watched by the Federal Reserve remained at low levels last month, continuing a cooling trend in price growth and paving the way for the central bank’s first interest rate cut next month. time.
The U.S. Department of Commerce reported on Friday that the prison population increased just 0.2% from June to July, a miniscule increase compared with the 0.1% increase the previous month. Inflation remained unchanged at 2.5% compared with the previous year. That’s just above the Fed’s 2% target.
Slowing inflation could frustrate former President Trump’s efforts to blame Vice President Kamala Harris for high prices. Still, even if high inflation is coming to an end, many Americans remain dissatisfied with average prices for basic goods such as gasoline, food and housing being significantly higher compared with pre-pandemic levels.
So-called core inflation, which excludes volatile food and energy costs, rose 0.2% from June to July, unchanged from a month ago. Compared with the previous year, the basic price increased by 2.6% and was the same as the previous year. Economists pay close attention to core prices, which often provide a better picture of future inflation trends.
Friday’s data underscored that U.S. inflation is falling steadily after three years of painfully high prices that took a toll on many households’ finances. Inflation peaked at 7.1% in June 2022, the highest level in four decades, before continuing to fall, according to measures reported in Friday’s report.
1725039543
#Fed #inflation #indicator #shows #price #pressures #easing
