US Consumer Inflation July 2023 Data Released
The US Department of Labor has shared consumer inflation data for July 2023 with the public. According to these data, the cost of living of American consumers increased by 0.2% in July compared to the previous month. This increase was in line with market expectations. On the other hand, the consumer price index decreased by 0.1% in June.
Annual Inflation at Nearly 3.5-Year Low
In July, the US Consumer Price Index (CPI) increased by 2.9% on an annual basis. Market analysts expected annual inflation to reach 3%. This was recorded as the lowest annual increase since March 2021. In June, annual inflation increased by 3%. During this period, gasoline prices did not show any change on a monthly basis and decreased by 2.2% on an annual basis.
Housing prices increased by 0.4% monthly and 5.1% annually in the same period. Food prices also increased by 0.2% monthly and 2.2% annually in July.
Core Inflation In Line with Expectations
Core CPI, which excludes volatile energy and food prices, increased by 0.2% monthly and 3.2% annually in July. This increase was in line with market expectations. On an annual basis, core inflation reached its lowest level since April 2021, and was set at 0.1% monthly and 3.3% annually in June.
