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US inflation is growing at its fastest rate since 1991


August, 12 2020
watermark Economic news

The consumer price index in the US in July accelerated its growth to 1% in annual terms. The June indicator was fixed at around 0.6%. Analysts had forecast growth to 0.8%.


The underlying CPI, excluding food and fuel prices, rose 0.6% on a monthly basis, the strongest growth since January 1991. In annual terms, the underlying CPI accelerated growth from 1.2% to 1.6%, which was a four-month high. Experts had expected the rate to slow down to 1.1%.


The rise in inflation was triggered by an increase in the prices of clothing and cars. Clothes went up by 1.1%, used cars – by 1.7%. New cars increased in price by 0.8%, the largest increase in 9 years.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.