The consumer price index has risen 2.9% since July 2023, the lowest annual reading since March 2021.
The consumer price index rose 2.9% in July 2024 from a year earlier, according to the U.S. Bureau of Labor Statistics.in July, aided by easing price pressures for consumer staples like food and energy and physical goods like new and used cars.gauges how fast prices are changing across the U.S. economy. It measures everything from fruits and vegetables to haircuts, concert tickets and household appliances.
Perhaps the most important thing for consumers is inflation for groceries "continues to grow very slowly," Zandi said. "We think we're though the worst of it from an inflation perspective," said Joe Seydl, senior markets economist at J.P. Morgan Private Bank.to their highest level in 23 years during the Covid-19 pandemic era, pushing up borrowing costs for consumers and businesses in a bid to tame inflation.Nonetheless, easing inflation coupled with a cooler labor market make it likely that Fed officials will start cutting interest rates at their next policy meeting in September, economists said.
Insurance inflation should ultimately fade alongside falling car prices, they said. New vehicle prices are down 1% over the past year, and those for used cars and trucks have declined almost 11%.Other food categories including bacon and crackers are up over the past year , but their prices fell during the month of July, suggesting more potential declines ahead.Inflation for physical goods spiked as the U.S. economy reopened in 2021.
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