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INFLATION EASING
By Staff Reporters
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For the first time since May 2020, the average cost of goods and services in the US made like a remote worker with wanderlust and dipped last month, the Labor Department just reported in July 2024, bolstering confidence that inflation is easing.
Carried by softening gas and rent prices, the consumer price index (CPI) decreased 0.1% in June, beating economists’ forecasts of a 0.1% monthly increase.
- That dip brought down the annual CPI, which also beat expectations, to record a 3% year over year gain in June—a one-year price growth low and a rate last seen in early 2021.
- Average gas prices fell 3.8% in June, after dropping 3.6% in May.
- Shelter prices, which account for about one-third of the CPI, only rose 0.2% in June as rents cooled. It was the category’s smallest monthly rise in three years.
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Filed under: "Ask-an-Advisor", Accounting, Funding Basics, Investing | Tagged: Consumer Confidence Index, Consumer Price Index, CPI, gas prices, inflation, inflation IRs, interest rates, IRS, shelter prices | Leave a comment »
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