Business

U.S. inflation shows signs of easing in August amid a surge in delta variants

Washington, September 14 (Xinhua)-US Labor Ministry rises in August US consumer goods prices as inflation shows signs of easing on Tuesday amid a surge in COVID-19 due to delta variants and continued supply constraints Said it was lower than expected.

The Consumer Price Index (CPI) rose 0.5% in July and then 0.3% in August, according to a report released by the Bureau of Labor Statistics. The latest figures are down significantly from the 0.9% growth pace in June.

In the last 12 months to August, the index rose 5.3%, down slightly from the 5.4% pace in June and July, according to the report.

Excluding volatile food and energy components, the so-called core CPI rose 0.3% in July and then 0.1% last month. In June, the core CPI rose 0.9%.

According to the report, the core CPI rose 4% in August compared to a year ago, slightly higher than the 4.3% rise in July.

“Inflation has begun to show signs of chilling in response to the Delta variant, but price levels remain very high,” Diane Swonk, chief economist at Grant Thornton, a major accounting firm, said in a blog. Said. ..

She said prices for new cars in particular rose 1.2% in August, a whopping 7.6% from a year ago. “Some small dealers are worried about going out of business because the dealer’s inventory shortage is so serious that they can’t afford the overhead without the vehicles they sell,” she said. rice field.

According to the Bureau of Labor Statistics, the food index rose 0.4% in August after a significant rise in recent months, and the meat, chicken, fish and egg indexes rose 0.7% in a month. The beef index soared 1.7%.

Meanwhile, the energy index rose 2.0% in August, rising for the third straight month. The gasoline index rose 2.8% in August, faster than the 2.4% rise in July.

“The basics of food and energy costs are also rising, putting pressure on consumer budgets,” Squonk said.

Squonk also said energy prices are expected to rise further as the damage to refining facilities following the hurricane “Aida” raises commuting costs for low-wage workers who cannot work from home.

U.S. inflation shows signs of easing in August amid a surge in delta variants

Source link U.S. inflation shows signs of easing in August amid a surge in delta variants

Back to top button