Inflation Climbed At Moderate Pace In July as Consumer Spending Picked Up

[mystery-ak]

Inflation Climbed At Moderate Pace In July as Consumer Spending Picked Up

John Carney 30 Aug 2024

Consumer prices rose at a slightly faster rate last month than they did in the month before, data from the Commerce Department showed Friday.

The personal consumption expenditures price index climbed 0.2 percent in July compared with June, an acceleration from the 0.1 percent increase in June from May. The acceleration was in line with what economists had expected.

Over the past year, the personal consumption expenditures (PCE) price index rose 2.5 percent, matching the June year-over-year increase.

The Federal Reserve uses the PCE price index for its official two percent target and in its publicly released projections, although officials say they also watch other inflation measures closely. While the year-over-year figure is still a half a point higher than the target, on an annualized basis—meaning, if the current inflation rate continued for 12 months—PCE inflation has been running slightly below the Fed’s target for three straight months. The three-month annualized rate is now 0.9 percent.

Core PCE prices, a measure that excludes food and energy, rose by 0.2 percent, matching the prior months’ reading. It is up 2.7 percent compared with a year ago.

Goods prices were flat for the month following two months of falling prices. Within goods, durables prices fell 0.3 percent after being flat in June and declining in May. Nondurable prices rose by a mild 0.1 percent after two months of declines.

more
https://www.breitbart.com/economy/2024/08/30/inflation-climbed-at-moderate-pace-in-july/

[mystery-ak]

Inflation remained at 2.5% in July in Fed’s preferred gauge
By
Zach Halaschak
August 30, 2024 8:34 am
.

Inflation remained at 2.5% for the year ending in July, the Bureau of Economic Analysis reported Friday in an update to the personal consumption expenditures price index, the gauge favored by the Federal Reserve.

Inflation is now matching the lowest such rate since February 2021, just after President Joe Biden took office. It is some welcome news for Vice President Kamala Harris, as inflation is a top problem on voters’ minds, although a further slowdown would have been even better news.

The new numbers are also significant for the Fed, which is now hoping to lower its interest rate target after years of trying to tamp down price pressures.

From June to July, inflation rose 0.2%, which is about in line with forecast expectations.

“This is a double dose of good news on inflation and economic growth,” said Olu Sonola, head of U.S. economic research at Fitch Ratings. “Inflation prints are slowly but surely becoming boring again as this report continues the recent streak of benign core and headline inflation prints. Consumer spending continues to surprisingly exceed all expectations, a clear indication that the economy continues to be in good shape with solid above-trend growth.”

Core PCE inflation, a measure of inflation that strips out volatile energy and food prices, remained at a 2.6% year-over-year rate.

more
https://www.washingtonexaminer.com/policy/finance-and-economy/3138501/inflation-remained-at-2-5-in-july-in-feds-preferred-gauge/

[LMAO]

Well, we just need to tell businesses to not raise their prices

All fixed.

[Hoodat]

Inflation Climbed At Moderate Pace In July as Consumer Spending Picked Up as government continued to print up new money out of thin air and spend it.

[Smokin Joe]

Just remember that extra 2.5% is also on the increases in prices during this administration.

Eggs at $5/dozen here, I let them sit. I can get a pound of ground beef cheaper (81%) in a 3 lb chub.