Summary:
July inflation rose as expected due to higher housing costs, increasing the chance of a September rate cut, says the Labor Department.
US CPI Aug
11/9/2024 (Wed)
Previous: 2.9% Forecast: 2.6%
Inflation rose as expected in July, driven by higher housing-related costs, according to a Labor Department report that has helped secure an interest rate cut on the table in September.
The annual rate is the lowest since March 2021, while the core is the lowest since April 2021. Apparently Inflation readings have been gradually drifting back to the central bank’s 2% target.
But there were several crosscurrents in the report that indeed suggest inflation is stubborn in some areas like the shelter component, again defying expectations for an easing in it.
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