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Inflation in the US in June slowed down more than forecast


July, 12 2023
watermark Economic news

According to the US Department of Labor, consumer prices (CPI index) in June increased by 3% compared to the same month last year. This means a slowdown in inflation compared to 4% in May and is the lowest level since March 2021. It is worth noting that the price growth has been declining for 12 months in a row. The consensus forecast assumed inflation at 3.1%.


On a monthly basis, the CPI index increased by 0.2% (in May it was 0.1%). Analysts' forecast suggested growth of 0.3%.


At the same time, the core inflation indicator (price growth excluding the cost of food and energy, the Core CPI index) slowed to 4.8% YoY, which is the lowest level since October 2021. In May, this indicator increased by 5.3%. Experts expected growth of 5%.


On a monthly basis, core inflation rose by 0.2% after rising by 0.4% in May. The market expected an increase of 0.3%.


Energy prices declined by 16.7% after falling by 11.7% in May, while food prices rose by 5.7% after rising by 6.7% in the previous month.


The US Federal Reserve is closely monitoring data on the growth rates of consumer prices in the country, as they are an important factor in making decisions regarding monetary policy. The Central Bank's target inflation rate is 2%. The next meeting of the Federal Reserve System will be held on July 25-26.


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