Inflation growth in the US was below analysts' expectations
Date: 2023-08-10 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The US Bureau of Labor Statistics (BLS) published a report on the increase in the consumer price index (CPI) for July 2023. Over the month, the cost of the main basket of goods increased by 0.2%, over the year - by 3.2%.
This is below the forecast value of 3.3%, according to Morningstar. The growth of the index, excluding volatile food and energy products, also turned out to be within the lower limit of expectations - 4.7% against the forecasted 4.8%.
Housing prices have risen the most, up 7.7% since July 2022. The BLS noted that this sector accounts for 90% of the total increase.
Food and energy, in particular oil, rose in price by only 0.2 and 0.1%, respectively. Notably, in July the price of a barrel of Brent oil rose from $77.6 to $85.5, according to Markets Insider.
Prices for cars from the secondary market and medical services decreased by 1.3 and 0.4%, respectively. Both categories of goods are included in the basket of the American consumer.
The contained inflation rate had a positive effect on the level of wages, which is confirmed by the BLS data. Real incomes of citizens increased by 0.3% for the month and 1.1% for the year.
As of the end of July, US inflation is still above the Federal Reserve's (FRS) target of 2%.
The cryptocurrency market practically did not react to the publication of the report. At the time of writing, Bitcoin is trading near $29,600, according to CoinMarketCap.
Recall that earlier the head of the agency, Jerome Powell, said that the regulator will continue to tighten policy until the indicator drops to a predetermined value.
