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U.S. CPI growth slows year-on-year

The U.S. consumer price index (CPI) in July slowed to 8.5% year-on-year, down 0.6 index
points from the previous value of 9.1%, a more than 40-year high, and also lower than
market expectations of 8.7%, mainly due to energy, new cars and air tickets. The
slowdown in price increases. However, food prices continued to rise by 10.9% year-on-
year, hitting a 43-year high. During the same period, the core CPI excluding food and
energy remained at 5.9% year-on-year, which was also lower than the market expectation
of 6.1%. U.S. inflation slowed faster than expected, rekindling expectations that the
Federal Reserve may slow rate hikes, dragging down the performance of the dollar.
However, as the euro is still plagued by many unfavorable factors such as the Russia-
Ukraine incident, the downside of the US dollar may be limited. On the contrary, the
market is looking forward to improving investment sentiment, and a number of commodity
currencies with high interest rates and terms of trade advantages may attract more
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