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- U.S. core inflation posts largest monthly increase since January 2018
U.S. core inflation posts largest monthly increase since January 2018
The Labor
Department announced on Thursday the U.S. consumer price index (CPI) edged up
0.1 percent m-o-m in June, the same pace as in the previous month.
Over the last
12 months, the CPI rose 1.6 percent y-o-y last month, following a 1.8 percent
m-o-m advance in the 12 months through May. It was the lowest rate since
February.
Economists had
forecast the CPI to increase 0.2 percent m-o-m and 1.6 percent y-o-y in the
12-month period.
According to
the report, gains in the
indexes for shelter, apparel, and used cars and trucks more than offset
declines in energy indexes, while the food index was unchanged m-o-m.
Meanwhile, the
core CPI excluding volatile food and fuel costs rose 0.3 percent m-o-m in June,
following a 0.1 percent m-o-m uptick in the previous month. This represented the largest monthly increase in core CPI since January 2018.
In the 12
months through June, the core CPI rose 2.1 percent after a 2.0 percent increase
for the 12 months ending May.
Economists had
forecast the core CPI to rise 0.2 percent m-o-m and 2.0 percent y-o-y last
month.
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