US: Consumer prices to slow to 8.5% in July 2022

Washington, August 11: US consumer inflation, or the CPI, eased to 8.5% in July compared to the same period last year, according to data from the US Bureau of Labor Statistics. Inflation has eased this month from his 40-year high of 9.1% in June.

The Consumer Price Index (CPI) measures changes in prices paid by consumers for goods and services. Gasoline indexes fell 7.7% in July, offsetting gains in food and housing indexes, leaving the all-commodities index unchanged for a month. India’s WPI inflation will ease slightly to 15.18% in June 2022.

The energy index fell 4.6% in a month as gasoline and natural gas indexes fell. The U.S. economy is entering a difficult phase of high inflation and negative growth.

Against the backdrop of more than 40 years of high inflation in the country, the US Federal Open Market Commission at its recent meeting raised the key policy rate by 75 basis points to 2.25-2.50%. The rate will be “adequate”.

Higher interest rates typically cool demand in the economy, thereby putting the brakes on inflation. The US Federal Reserve also raised interest rates by 75 basis points at its June meeting, his biggest since 1994.

US real gross domestic product (GDP) declined at an annualized rate of 0.9% in the second quarter (April to June) of 2022, marking the second straight quarter of a technological recession degrowth. In the January-March quarter, real GDP fell by 1.6% he.

A technological recession is often defined as two consecutive quarters of negative real GDP growth.

(This is an unedited article auto-generated from a syndicated news feed. LatestLY staff may not have changed or edited the content body) US: Consumer prices to slow to 8.5% in July 2022

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