US Consumer Prices Rise 2.9 Percent

US Dollar Maintains Gains as July CPI Report Shows Elevated Inflation

The rise in the CPI in July was led by a 0.3% gain in housing costs.

Friday's Labor Department report showed the Consumer Price Index, a broad measure of Americans' living expenses, increased two-tenths of a percentage point from the previous month.

Excluding food and energy prices, the core producer price index inched up by 0.1 percent in July after climbing by 0.3 percent in the previous month.

Core prices, which exclude the volatile food and energy categories, rose 0.2 percent in June and 2.4 percent from a year earlier.

USA consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures that keeps the Federal Reserve on track to gradually raise interest rates.

Adjusted for inflation, average weekly earnings have fallen 0.1 percent in the past 12 months.

In the 12 months through July, the CPI increased 2.9 percent, matching the increase in June. Apparel prices fell 0.3 percent after declining 0.9 percent in June. Airfares jumped 2.7 per cent, the most since July 2013, following a 0.9 per cent drop in June.

Apparel decreased again, dropping 0.3% after falling 0.9% the prior month.

The core reading brought the three-month annualized gain to 2.3 percent, after rising 1.7 percent in June.

Chicago Fed President Charles Evans suggested as much on Thursday, saying it "makes sense" that inflation has risen, considering the strong economy, and that even if inflation moves above 2%, "that is nothing to worry about". Food prices edged up 0.1 per cent after rising 0.2 per cent in June.

Policymakers are widely projected to lift borrowing costs when they meet in September, with many investors expecting an additional increase before the end of the year. Inflation has made progress, and the unemployment rate, at 3.9% in July, signalled that the Fed was near its maximum-employment goal.

The labor market is tight, with more job openings than people to fill them, domestic demand is being buoyed by tax cuts and spending, and tariffs will soon raise the price of imported consumer goods.

The results indicate steady consumer demand will sustain inflation, at a time tariffs and counter-levies by the US and nations including China also threaten to lift costs on a range of goods. But that's getting harder to do as trade tension escalates. A list of Chinese products due to be hit with tariffs next month includes consumer items such as digital cameras, selfie sticks and electric scooters.

Along with the shelter index, the indexes for used cars and trucks, airline fares, new vehicles, household furnishings and operations, and recreation all increased. About 60 percent of the index covers the prices that consumers pay for services ranging from medical visits to airline fares, movie tickets and rents. This article is strictly for informational purposes only.

Related News:

  • Resident Evil 2 Remake Gets A Typewriter-Inspired Bluetooth Keyboard In Japan

    Resident Evil 2 Remake Gets A Typewriter-Inspired Bluetooth Keyboard In Japan

    Excluding the keyboard, all of the above is included in the game's standard collector's edition , which is priced at around $240. The Biohazard RE: 2 Z Version Premium Edition is now exclusive to Capcom's Japanese online store, priced at 99,800 yen ($900).
    Afghan forces battle Taliban in key city for third day

    Afghan forces battle Taliban in key city for third day

    Local television station 1TV says the number of fatalities has risen to more than 100, but there is no official confirmation. There are also reports the road outside the city has been mined, making it hard for residents to escape.
    Ten in hospital after shooting in Manchester

    Ten in hospital after shooting in Manchester

    Several people were in the area following the Caribbean Carnival, which had finished some hours before, the force said. Officers are now trying to establish exactly where the shooting took place and the identity of those involved.
  • Reserve Bank downgrades inflation outlook, with no rate hike in sight

    Reserve Bank downgrades inflation outlook, with no rate hike in sight

    The central bank confirmed it has downgraded its 2018 inflation forecast , after flagging the change in Tuesday's rates decision. The latest set of projections confirmed that the RBA still looks set to keep interest rates on hold for the foreseeable future.
    England vs India, second Test, day four

    England vs India, second Test, day four

    On the Day 2, English bowlers used the conditions perfectly and restricted India for just 107 runs in the first innings. Their 189 run stand for the sixth wicket put England back in command and in 250 run lead.
    Sarri admits £71 million Kepa is not at same level as Courtois

    Sarri admits £71 million Kepa is not at same level as Courtois

    So we were not ready for this situation and it was a problem and this team did not have the experience against this. You'd think that a £50m midfielder playing on his debut would be more careful when taking a penalty.
  • Does exercise actually improve your mental health?

    Does exercise actually improve your mental health?

    For the findings, the researchers used participants' mental and physical health, as well as their demographic information, and health-related behaviors.
    Ingraham Denies Saying Anything Racist In Her Televised Racist Segment

    Ingraham Denies Saying Anything Racist In Her Televised Racist Segment

    Ingraham's anti-immigration commentary drew sharp criticism from both sides of the aisle, including conservative commentator S.E. Well, let's see if Ingraham will love this: Melania Trump's parents just became American citizens.
    Butlin's says guest records may have been hacked

    Butlin's says guest records may have been hacked

    The firm is now contacting people who may have been affected to inform them and tell them what they should do. The holiday firm, which has a site in Bognor Regis, West Sussex, said it takes guest data seriously.
  • Omarosa Secretly Recorded John Kelly Firing Her

    Omarosa Secretly Recorded John Kelly Firing Her

    The White House has defended the president, slamming the former staffer's book as being "riddled with lies and false accusations". Manigault Newman served as special assistant to the president, and was tasked with outreach to the African American community.
    Check your fridge: Pinty's chicken strips recalled

    Check your fridge: Pinty's chicken strips recalled

    A possible bacteria contamination has triggered a recall over a line of frozen chicken strips in western Canada, including B.C. Health Canada is recalling Pinty's Delicious Foods Oven Roasted Chicken Breast Strips because of a listeria scare.
    Bairstow & Woakes put England in strong position at Lord’s

    Bairstow & Woakes put England in strong position at Lord’s

    Anderson removed India openers Murali Vijay and KL Rahul on his way to figures of two wickets for eight runs in five overs. With the boundaries coming thick and fast, Joe Root made a decision to declare the moment Curran was caught at third man.


Most liked

City start title defence with fine Emirates win
The Arsenal midfielder will also get a start today since the gunners will play a formation which requires two central midfielders. Given the truncated preseason he's had after heavy World Cup involvement, his energy and enthusiasm were impressive.

Egypt monk detained over murder of bishop
Epiphanius' body was found with head injuries in late July lying in a corridor of the monastery, according to the church. Coptic Christians make up about 10 percent of Egypt's predominantly Sunni Muslim population of some 100 million.

Turkish President Rails Against ‘War’ on Turkish Economy
Turkey's President has slammed the crash of the lira as a "political plot" amid a row with the United States and Donald Trump. His cause resonates with Mr Trump's Christian conservative supporters. 'We are once again facing a political, underhand plot.

The Trade Desk | $TTD Stock | Shares Rocket After Q2 Profits Beat Estimates
Following the sale, the insider now directly owns 44,848 shares of the company's stock, valued at approximately $3,719,244.64. Following the sale, the chief financial officer now owns 65,345 shares of the company's stock, valued at $5,286,410.50.

Expected Arsenal Lineup To Face Manchester City
It is expected that the former Sampdoria midfielder will start alongside Aaron Ramsey at the base of Arsenal's 4-2-3-1 formation. Arsenal have turned to Unai Emery to replace Wenger at the north London side following the Frenchman's 22 seasons in charge.

InfoWars Tweets Disappear After Report Shows They Broke Twitter Rules
But after CNN's investigation was published, the tweets cited in it were nearly immediately deleted from the social media website. InfoWars apps remain available through the Google Play store and Apple's app store, however.

Checking work emails in non-work hours can harm your health
An earlier study also found checking work emails at home or taking a call from the boss at weekends could be damaging to health. He said policies that reduce expectations to monitor electronic communication outside of work would be ideal.

Chinese tourist dies after hippo attack in Nakuru
Wildlife service spokesman Paul Udoto said the circumstances are not clear in which the two Chinese were attacked. He said attacks on tourists are rare because they are usually protected by guides.

Dhruv Vikram involved in a road mishap
According to reports, the aspiring actor's auto hit three stationary autorickshaws and one person was injured due to the impact. Dhruv was apparently travelling with two other friends in the auto when the accident happened, said reports.

Overstock blockchain unit scores $270m investment
Inc. ( NASDAQ : OSTK ) now has a Weekly Volatility of 5.71% percent while its Monthly Volatility is at 6.28% percent. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link .

Sonali Bendre wishes son Ranveer on birthday in heartwarming post
Further, she added, "We've always been open and honest with him and this time it wasn't going to be different". From then on, his happiness and wellbeing have been the centre of anything @goldiebehl and I ever did.

Arsenal boss Emery: Aubameyang can win Golden Boot
Not only are Manchester City the title-holders, but they are still unquestionably the team to beat this season. Another starter who might not make the XI is Aaron Ramsey who suffered a calf injury in pre-season.

The name's Elba, Idris Elba
British actor Idris Elba fuelled speculation on Sunday that he may be named the first black James Bond , with a cryptic tweet. Elba, 45, has previously dismissed rumours and said he had not had any discussions with the studio about taking over the role.

Dropbox, Inc. (NASDAQ:DBX)
The Technology stock ( Dropbox , Inc.) created a change of 9.13 percent and closed its last session of business at $34.43. Company's EPS for the past five years is valued at 23.8%, leading it to an EPS value of 0% for the next five years.

Charlottesville events marking one year since violent protest
Many participants dressed as if they were headed to battle, shouted racist slurs and clashed violently with counter-protesters. On Sunday, thousands of counter-protesters are slated to attend multiple rallies against white supremacy in Washington , DC.