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The inflation report the government will issue Thursday is expected to show that consumer prices increased 3.3% from 12 months earlier. On a month-to-month basis, consumer prices are thought to have risen 0.2% from June to July, the same as in the previous month, according to a survey of forecasters by the data firm FactSet. A jump in energy prices was likely a major contributor to higher inflation in July.
Consumer prices in the United States are expected to have increased by 3.3% from 12 months ago and by 0.2% from June to July, driven up by more expensive gasoline. Although year-over-year inflation has steadily dropped since peaking at 9.1% in June 2022, factors such as the rebound of service businesses from the COVID pandemic and higher labor costs may contribute to continued inflationary pressures in the months ahead.
Inflation in the United States likely rose in July for the first time in 12 months, driven higher by more expensive gasoline and suggesting that the fight against rising prices may prove bumpier in the months ahead
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WASHINGTON (AP) — Inflation in the United States likely rose in July for the first time in 12 months, driven higher by more expensive gasoline and suggesting that the fight against rising prices may prove bumpier in the months ahead. The inflation report the government will issue Thursday is expected to show that consumer prices […]