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Consumer Prices Climbed 8.5% in July, Below Expectations – Daily Flash Briefing

August 10, 2022 by Bautis Financial
Consumer Prices Climbed 8.5% in July, Below Expectations

Price gains eased in July for the first time in months.

Consumer Price Index (CPI) data released today revealed that price gains eased in July for the first time in months.

The Labor Department said today that the CPI, a broad measure of the price for everyday goods and services, rose 8.5% in July from a year ago, below the 9.1% year-over-year increase recorded in June.

On a monthly basis, prices were flat as energy prices broadly declined 4.6% and gasoline fell 7.7%. That offset a 1.1% monthly gain in food prices and a 0.5% increase in shelter costs.

The figure was below economists surveyed by the Dow Jones’ expectations, who forecasted headline CPI to increase 8.7% on an annual basis and 0.2% monthly.

The stock market reacted positively to the better-than-expected report, with the Dow Jones Industrial Average climbing 0.9% and the S&P 500 gaining 1.2%.

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Category: Finance NewsTag: Consumer Price Index, CPI, Inflation
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