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July 18, 2022: -On Wednesday, Shoppers paid sharply higher prices for various goods in June as inflation kept its hold, slowing the U.S. economy, the Bureau of Labor Statistics reported.
The consumer price index, a broad measure of the daily goods and services related to the cost of living, increased 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the speed of inflation going back to November 1981.
Excluding volatile food and energy prices, the core CPI increased by 5.9%, compared with the 5.7% estimate. Core inflation peaked at 6.5% in March and has been coming down.
Every month, headline CPI increased 1.3%, and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.
The numbers seem to counter the narrative that inflation may be peaking, as the gains were based across various categories.
“CPI delivered one shock, and as painful as the higher number is, equally as bad is the broadening sources of inflation,” said Robert Frick, corporate economist at Navy Federal Credit Union.
“Though CPI’s spike is led by energy and food prices, which are global problems, prices were rising for domestic goods and services, from shelter to autos to clothing,” he added.
The inflation reading could push the Federal Reserve into an even more aggressive position.
Traders upped their bets on the speed of interest rate increases ahead. For the July 26-27 meeting, a whole percentage point move has a better than even chance of happening, according to the CME Group’s FedWatch tool as of 10:40 a.m. ET.
“U.S. inflation is over 9%, but it is the breadth of the price pressures that are concerning for the Federal Reserve,” said James Knightley, ING’s chief international economist. “With supply conditions showing little improvement, the onus is on the Fed to reach the brakes via higher rates to permit demand to better match supply conditions. The recession threat is increasing.”
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Sue Grant built an impactful career in cause marketing within the nonprofit industry. At the height of her career, equipped with 25 years of invaluable experience, she followed her heart’s calling. She founded The Literacy Project to serve struggling, at-risk children in unfortunate circumstances.
Shirley Wang has unwavering opinions and a strong vision for the design of Plastpro’s products and the standards to which they must be manufactured. She is an out-of-the-box but also efficient thinker, and this allows her to creatively devise viable solutions when it comes to meeting customers’ needs.
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