Reading Into US' July CPI Data
Reading Into US' July CPI Data
The US consumer price inflation rate eased to 2.9% year-on-year in July 2024, marking the lowest increase in over a year and falling slightly below market expectations of 3.0%. This is the first time inflation has dropped below 3% since March 2021, indicating a slowing trend in price growth.
2024年7月份美国消费者价格通胀率回落至2.9%,标志着一年多以来最低的涨幅,略低于市场预期的3.0%。这是自2021年3月份以来首次通胀率降至3%以下,表明价格增长趋势正在放缓。
According to the latest report, food prices rose by 0.2% in July, maintaining the same pace as in June, while gasoline prices remained unchanged after two consecutive months of decline. Over the past 12 months, the Consumer Price Index (CPI) increased by 2.9%, down from the 3.0% annual increase reported in June.
根据最新报告,食品价格在7月份上涨了0.2%,保持了与6月份相同的增速,而汽油价格则在连续两个月下降后保持不变。在过去的12个月中,消费者价格指数(CPI)增长了2.9%,低于6月份报告的3.0%年增长率。
Energy prices experienced a marginal uptick, rising by 1.1% year-on-year, slightly higher than June's 1.0% increase. Meanwhile, goods prices continued their downward trend, declining by 0.4% year-on-year, consistent with previous months. Services inflation also showed signs of softening, rising by 4.9% year-on-year, the slowest increase in six months, down from 5.0% in June.
能源价格略有上涨,同比增长1.1%,略高于6月份的1.0%增长。同时,商品价格继续下降,同比下降0.4%,与之前几个月持平。服务业通胀也显示出趋缓的迹象,同比上涨4.9%,为六个月来最低水平,低于6月份的5.0%。
Excluding volatile items such as food and energy, core CPI inflation eased to 3.2% year-on-year, the lowest level since April 2021, and aligned with market expectations. On a seasonally adjusted basis, the headline CPI rebounded, increasing by 0.2% month-on-month, matching market projections, while core CPI also rose by 0.2% month-on-month, in line with expectations.
除食品和能源等易变商品外,核心CPI通胀率同比降至3.2%,为2021年4月以来的最低水平,与市场预期相符。经过季节性调整,总CPI反弹,环比增长0.2%,符合市场预期,而核心CPI也环比上涨0.2%,符合预期。