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Inflation in the US falls due to falling gasoline prices

Energy prices fell 4.6% last month. | Font: EFE

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US inflation eased to 8.5% in July from 9.1% in June, the Bureau of Labor Statistics (BLS) said.

It’s slowing down inflation It was more than expected. Only analysis of consumer prices shows that they remained stable, while energy prices fell by 4.6%.

The decrease in inflation last month was mainly due to the fall in gasoline prices, as fuel prices fell by 7.7% in July.

However, although petrol while gas has fallen in price, electricity has risen in price.

Similarly, the US Bureau of Labor Statistics indicates that food prices continued to rise, rising 1.1% in one month.

Core inflation, which measures the rise in consumer prices, excluding food and energy prices, which are the most volatile, was 5.9% year on year, with a monthly increase of 0.3.

This slowdown in inflation, which reached its highest level in forty years in June, provides a little respite. American economywhich entered what experts believe was a technical recession in late July, tying a two-quarters drop in gross domestic product (GDP).

Even though the data indicate that they will be in recession due to registering two consecutive quarters of falling GDP, the US government does not believe the country is in this scenario, given the resilience of its economy, especially its labor market, whose unemployment rate recently dropped to 3.5%.

In any case, high inflation This continues to be a major concern for the government, as well as the US Federal Reserve (Fed), which raised interest rates again on July 27, now in the 2.25% to 2.5% range.

(According to Agencia EFE).

Low inflation causes the dollar to fall

Given lower inflationary pressures in USA a strong global decline in the dollar was reported, which benefited the currencies and stock markets of Latin America.

According to Reuters, this decline in inflation cooled the possibility of an aggressive hike in US interest rates, which reduced demand for dollars.

Despite this, Federated Hermes points out that macroeconomic data in the coming weeks will be key for US Federal Reserve decide on the next interest rate hike at the monetary policy meeting in September.

Source: RPP

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