ICYMI: Consumer prices rise 5.4% in July, about as expected.
Prices that Americans pay for everyday goods and services rose in July as pent-up demand for travel and restaurants kept inflation hot, but jumped about as much as economists had expected.
So-called core inflation, which excludes energy and food, rose by 0.3% last month, shy of a forecasted 0.4% increase and well below June's rise of 0.9%. The core figure is up 4.3% over the last year, a slight deceleration from June's 4.5%. Used car and truck prices, which rose rapidly between April and June as Americans looked to vacation, gained just 0.2% in July after a climb of more than 10% in the prior month.
Chairman Jerome Powell and other officials acknowledge the recent acceleration in prices but believe that the inflation is "transitory" and that prices won't continue to increase at their current pace for too long. The CPI and other price measures have been on the rise in 2021 in large part thanks to a comeback in consumer spending and U.S. gross domestic product as Covid restrictions eased.
At the same time, the pent-up demand for travel, retail and restaurants has left many businesses scrambling to keep up and led to several hiccups on the supply side of the U.S. economy.the record 10.1 million job openings
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