United States Department of Labor reportedthat in August the consumer price index (CPI) rose by 0.1%, while in July the CPI dynamic was nil. Compared to August last year, prices increased by 8.3%, slightly lower than the July trend (8.5%) and the June record (9.1%). In August, compared to July, gasoline (by 10.6%) and diesel (by 5.9%) are the most backward in the United States. This led to the fact that energy commodities as a whole fell in price by 10.1% compared to July.
On an annualized basis, compared to August last year, the growth in fuel prices remains high: diesel – by 68%, gasoline – by 25.6%, energy raw materials in general – by 27.1%. The most significant growth on a monthly basis in August was recorded for gas heating – 3.5%. The increase in food prices in August compared to July was 0.8%, year on year -11.4%. For clothing on a monthly basis – by 0.2%, on an annual basis – by 5.1%.
The market reaction to the August inflation data turned out to be rather painful: the Dow Jones index lost 880 points, or 2.7%, in the early trading hours, the S&P 500 index – 3.14% , the NASDAQ index – 4.1%. This reaction is explained by the fact that experts were expecting a more significant slowdown in inflation on a monthly basis – a decrease of 0.1%, while an increase of 0.1% was shown. On an annual basis, experts also expected a minor increase in prices – by 8%, and not fixed – 8.3%.
“Inflationary dynamics are improving and moving in the right direction, but they still cause a lot of problems for both consumers and businesses,” he said. The Wall Street newspaper Kathy Bostianich, senior economist at Oxford Economics. Analysts believe continued inflationary pressure will force the US Federal Reserve to return promotion discount rate at the next meeting on 20-21 September.
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