Posted on 08/10/2022 5:54:30 AM PDT by Oldeconomybuyer
(Reuters) - U.S. consumer prices did not rise in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years.
The Consumer Price Index (CPI) was unchanged last month after advancing 1.3% in June, the Labor Department said on Wednesday in a closely watched report that nevertheless showed underlying inflation pressures remain elevated as the Federal Reserve mulls whether to embrace another super-sized interest rate hike in September.
Economists polled by Reuters had forecast a 0.2% rise in monthly CPI in July on the heels of a roughly 20% drop in the cost of gasoline. Prices at the pump spiked in the first half of this year due to the war in Ukraine, hitting a record-high average of more than $5 per gallon in mid-June, according to motorist advocacy group AAA.
But the Fed has indicated that several monthly declines in CPI growth will be needed before it lets up on the increasingly aggressive monetary policy tightening it has delivered to tame inflation currently running at four-decade highs.
(Excerpt) Read more at ca.finance.yahoo.com ...
Brandon must be getting control of the situation.
Simple, it is demand:
Fuel prices are going down and the reason is that people are driving less, because gas prices are high.
Which is the ultimate goal of the Democrats.
The media will be selling the idea the “Inflation Control Act” is already bringing down inflation (even though the Act has not been finalized into law). Automatically, 40%+ of the people will believe it.
So bread, eggs, beef , paper towels , cleaning supplies, fruit, vegetables, cars , electronics ...all still high?
Food and rentals are still very high
“consumer prices did not rise in July”
Reuters is skilled at lying. Consumer prices rose. Gasoline prices dropped. The average of prices, according to them, did not increase.
But gas prices had gone up in April and May. This price drop is nothing to crow about.
Prices remain high. biden is an America-hating dork.
Probably the same media will recommend the Nobel prize for economics.
None of these numbers are reliable. They should square them up and shove it sideways.
If they can get the economy to dip further into recession (more negative GDP), the inflation problem would be under control. Problem solved. Everybody happy. Let’s elect more democrats!
If the CPI is unchanged from the previous month, wouldn’t that mean that inflation was still moving at a 9%+ clip?
Surprising that the drop in fuel prices didn’t have more impact. What would the rate have been had energy costs remained unchanged?
8.5%, down a bit, still historically high.
AP Headline: “US inflation slips from 40-year peak but remains high 8.5%“
Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise more than two years.
Still, prices have risen across a wide range of goods and services, leaving most Americans worse off.
https://apnews.com/article/us-inflation-july-report-ec477624de30115dd49f35009b2659c0
We’re limiting our spending. The only ‘consumer goods’ we’ve bought since the steal of 2020 has been food, fuel, filled our propane tank for the year (the price of which DOUBLED from last year!) and we bought a much needed window and a storm door for the cabin up north, as we’re using that as rental property right now.
I bought a truck, but it was a private transaction for cash. I donated my used SUV to a local family in need.
Other than that, no new ‘stuff’ for us. And we’ve normally had SOME sort of yearly home improvement spending on ‘This Old House.’
Nope. Not going to reward Mother Government for bad behavior!
As we did during 0bama’s Reign of Error:
“Use It Up, Wear It Out, Make It Do or Do Without!”
U.S. consumer prices did not rise in JulyNo? Granted is was August 8 that I was in Aldi's and noticed their 24-oz can of Colombian coffee was up about $3.00 over what is was just a month previous.
LOL, my better half is already thinking about restarting a few remodel projects that should be completed. However, I put my foot down: one project at a time. It gets too confusing after that, and cost controls are lost.
I will admit it: over the years, I never learned how to say "no" to her in a loving way. She doesn't like to be questioned, but a new day has dawned. She has come to me far too many times for a bailout at the end of the month, due to an "unexpected situation." On top of that, "the road to hell is paved with 50% off sales."
Inflation was 1.4% when Biden took office. If my math is essentially correct, inflation in July was 6 times what it was when he took office.
In what convoluted world is an 8.5 percent increase not an increase. Guess Rueters is using the old “new math”. The rate of increase dropped, but it still increased.
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