A key inflation indicator rose 3.6 percent in July from last year — its biggest year-over-year jump in 30 years as costs continued to rise in the US economy, the feds confirmed Friday.
The Commerce Department’s core personal consumption expenditures index has risen over a 12-month period, the most since May 1991. The reading met expectations from economists surveyed by Dow Jones. The core index, which excludes volatile food and energy costs, rose 0.3 percent from June, slightly slower than the 0.4 percent increase seen from May to June, the Commerce Department reported.
The index tracks prices across a variety of goods and services and is considered a broader measure for inflation than the Labor Department’s Consumer Price Index, which rose 5.4 percent in July from a year ago. July retail sales, meanwhile, fell 1.1% from the previous month, notably shy of Wall Street forecasts, suggesting the recent surge in Delta-variant infections is beginning to impact consumer strength in the world’s biggest economy.
U.S. stocks were little-changed following the data release, with futures contracts tied to the Dow Jones Industrial Average indicating a 75-point opening bell gain and those linked to the S&P 500 priced for an 11.5 point advance. Benchmark 10-year notes were little-changed at 1.345% while the dollar index was pegged 92.997 against a basket of six global peer currencies.
ARTICLE: PAUL MURDOCH
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: THE EPOCH TIMES
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