Forecasting Inflation: Five Key Takeaways from the July US CPI Report
Falling Gas Prices Expected to Ease Inflation in May 2024
WEB forecasters predict a slowdown in inflation for May 2024, attributed to a decline in gas prices.
According to the July US Consumer Price Index (CPI) report released on Wednesday, inflation is anticipated to ease overall in the coming months.
Five Key Takeaways from the CPI Report
1. Overall Inflation Increase
The Consumer Price Index for All Urban Consumers increased 3.0% from June 2023 to June 2024.
2. Year-over-Year Inflation Rate
Consumer inflation rose 3.4% in April compared to the previous year, as reported by the Labor Department.
3. Food and Energy Price Increases
Food and energy prices contributed significantly to the inflation increase, with food prices rising 0.7% and energy prices surging 4.5% over the month.
4. Housing Costs
Housing costs, which account for a significant portion of the CPI, increased by 0.2% in June, a smaller increase than in previous months.
5. Core Inflation
Core inflation, which excludes volatile food and energy prices, rose 0.3% from May to June and 4.8% over the past year.
What to Expect in May 2024
WEB forecasters anticipate a slowdown in inflation in May 2024, primarily due to falling gas prices.
The Labor Department's Consumer Price Index report for May 2024 is scheduled for release on June 14, 2024.
References
- WEB Forecasting Inflation: Five Key Takeaways from the July US CPI Report
- Bureau of Labor Statistics Consumer Price Index
- Federal Reserve Beige Book
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