On Thursday, the Joint Economic Committee released its Monthly Inflation Update for July, showing that consumer prices continued to rise, in line with projections.
Headline Consumer Price Index (CPI-U) increased by 0.07 percent in July and rose to 3.36 percent over the past year. Core CPI, which excludes food and energy, increased 0.22 percent in July and rose to 2.48 percent over the past year. Energy price inflation was down by 1.48 percent in July and was up 14.73 percent over the past year. Food price inflation rose 0.08 percent in July and was up 2.98 percent over the past year.
Inflation varied by region, with annual headline CPI inflation highest in the Northeast (4.1 percent), then the Midwest (3.5 percent), followed by the South (3.2 percent) and West (3.0 percent).
In July, month over month real earnings were mostly steady. Real average weekly earnings for all employees decreased 0.02 percent, while real average hourly earnings decreased 0.09 percent.
Be the first to comment