U.S. consumer prices increased broadly in July, but the signs of an acceleration...
WASHINGTON - U.S. consumer prices increased broadly in July, but the signs of an acceleration in inflation will likely do little to change market expectations that the Federal Reserve will cut interest rates again next month amid worsening trade tensions.
On Tuesday, the Trump administration delayed the imposition of the additional tariff on certain Chinese imports, including technology products and clothing, until mid-December. Economists polled by Reuters had forecast the CPI would accelerate 0.3% in July and rise 1.7% on a year-on-year basis. The Fed, which has a 2% inflation target, tracks the core personal consumption expenditures price index for monetary policy. The core PCE price index rose 1.6 percent on a year-on-year basis in June and has undershot its target this year.
“There were some hints in the report that the May round of tariffs may have had some flow-through to today’s number,” said Michael Feroli, an economist at JPMorgan in New York. “Core goods prices were up a firm 0.25%, with large increases in import-dependent categories like information technology commodities and household furnishings and supplies.”
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