Companies and Brands
CPI Shows Inflation Ignores Food and Energy
Published:
Last Updated:
The retail inflation reading for the month of June has now been released by the Labor Department. The Consumer Price Index for the month of June came in on a headline basis at 0.0%, and the core reading that eliminates food and energy came in at +0.2%. These numbers are effectively in-line with expectations, and this makes CPI flat or down now for three months.
Bloomberg’s estimates from economists were 0.0% on the headline or nominal CPI and +0.2% on the core CPI report. Dow Jones was looking for a consensus of +0.1% on the headline CPI and +0.2% on the core CPI.
The year-over-year inflation rate was also 1.7%, which puts it under the Federal Reserve’s 2% target. Energy was down by 1.4% and food was up 0.2%.
PPI has been relatively tame, which you would expect, considering that oil and energy prices have been lowered from the peak before May. The wild card of course is the sharp rise in some food products that we have seen of late. These price hikes in food often get passed down immediately to the consumer. The drop in gasoline prices at the pump have slowed as well.
JON C. OGG
Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.
If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.