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Consumer inflation in US shows 2.5 percent annual increase last month
(MENAFN) Consumer inflation in the United States showed a 2.5 percent annual increase in August, marking the slowest growth rate since February 2021, as reported on Wednesday. The Consumer Price Index (CPI), which tracks the changes in prices for goods and services from the consumer's perspective, aligned with market predictions and revealed a notable deceleration from the 2.9 percent increase observed in July. This annual rate also represents a substantial decrease from the 9.1 percent surge recorded in July 2022, which was the highest rate since November 1981.
On a month-to-month basis, the CPI rose by 0.2 percent in August, matching the growth rate seen in July. The Labor Department's Bureau of Labor Statistics highlighted that the index for shelter was the primary driver of this monthly increase, rising by 0.5 percent. The food index saw a modest increase of 0.1 percent in August, a slight slowdown from the 0.2 percent rise in July, while the energy index decreased by 0.8 percent, following no change in the previous month.
Core CPI, which excludes the more volatile food and energy sectors, increased by 0.3 percent in August from the previous month, exceeding the anticipated 0.2 percent rise and reflecting a slight acceleration from the 0.2 percent increase recorded in July. On an annual basis, core CPI rose by 3.2 percent in August, consistent with expectations and unchanged from the year-on-year gain observed in July.
These figures indicate a cooling in inflation pressures, although core inflation remains relatively high, suggesting ongoing concerns about price stability in the broader economy.
On a month-to-month basis, the CPI rose by 0.2 percent in August, matching the growth rate seen in July. The Labor Department's Bureau of Labor Statistics highlighted that the index for shelter was the primary driver of this monthly increase, rising by 0.5 percent. The food index saw a modest increase of 0.1 percent in August, a slight slowdown from the 0.2 percent rise in July, while the energy index decreased by 0.8 percent, following no change in the previous month.
Core CPI, which excludes the more volatile food and energy sectors, increased by 0.3 percent in August from the previous month, exceeding the anticipated 0.2 percent rise and reflecting a slight acceleration from the 0.2 percent increase recorded in July. On an annual basis, core CPI rose by 3.2 percent in August, consistent with expectations and unchanged from the year-on-year gain observed in July.
These figures indicate a cooling in inflation pressures, although core inflation remains relatively high, suggesting ongoing concerns about price stability in the broader economy.
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