US CPI clocks in at 3.2% YoY in July

August 10, 2023 (MLN): The U.S. consumer price index (CPI) for the month of July 2023 clocked in at 3.2% YoY, compared to 3% YoY in June, the latest data issued by the U.S. Bureau of labor statistics on Thursday showed.

To note, this came in softer than the analysts’ estimates of 3.3%.

Meanwhile, on a sequential basis, US CPI has increased by 0.2% MoM.

Notably, CPI in the last year, July 2022 stood at 8.5% YoY, showing that the federal reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.

However, it still remains above the country's 2% inflation goal.

Similarly, Core CPI increased by 4.7% YoY as compared to 4.8% in the previous month, and on a monthly basis, it rose by 0.2% MoM.

CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

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