US Inflation Rate Slows to 7-Month Low of 0.8%

Consumer prices in the United States rose 0.8 percent year-on-year in July of 2016, following a 1 percent increase in the previous two months and below market expectations of 0.9 percent. It is the lowest inflation figure since December last year as shelter cost rose at a slower pace, food inflation eased to a fresh 6-1/2-year low and energy cost fell further.
BLS | Joana Taborda | joana.taborda@tradingeconomics.com
8/16/2016 1:54:02 PM
Year-on-year, prices of services less energy increased 3.1 percent, slowing from a 3.2 percent rise in June: inflation accelerated for medical care (4.1 percent from 3.8 percent in June), was steady for transportation services (3 percent) and slowed for shelter (3.3 percent from 3.5 percent in June). Food inflation eased for the third straight month to 0.2 percent from 0.3 percent in June, reaching a new low since March of 2010. In addition, energy prices fell more (-10.9 percent from -9.4 percent in June).

Annual core inflation which excludes food and energy eased to 2.2 percent from 2.3 percent in the previous month and below market expectations of 2.3 percent.  

On a monthly basis, consumer prices were unchanged in July, in line with forecasts and following a 0.2 percent rise in the previous two months. The energy index declined 1.6 percent after rising in each of the last four months, mainly due to a sharp decrease in the gasoline index. Food prices were unchanged: the food at home index declined 0.2 percent as four of the six major grocery store food group indexes decreased, while the index for food away from home rose 0.2 percent.

Excluding food and energy, consumer prices edged up 0.1 percent, its smallest increase since March. 

US Inflation Rate Slows to 7-Month Low of 0.8%



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