Oil Prices Drove the US Import Price Unexpectedly Increased by 0.2% in July
Driven by the rebound in oil prices, US import prices unexpectedly rose slightly in July, reversing the June decline, but the overall inflation pressure remained moderate.
US Department of Labor announced the latest data on August 14, the US import price index rose 0.2% in July, higher than the 1.1% decline in June; the import price excluding fuel products was reduced by 0.1%. %, reflecting the rebound in oil prices and pushing up import prices.
It is worth noting that during the 12 months to July, the import price fell by 1.8%, which is not much different from the June data. It shows that the US dollar has made the US imports relatively cheap, which has curbed the rise in import prices. .
After deducting volatile food and fuel prices, import prices fell by 0.2% in July, unchanged from June.
According to a surveys, economists had predicted that import prices would remain flat in July. Import prices fell by 2.0% during the 12-month period ending July; it fell by 1.8% during the 12-month period in June.
The US Department of Labor announced on August 13 that after the seasonal adjustment, the US Consumer Price Index (CPI) increased by 0.3% in July, which was higher than the market expectation of 0.2%.
After deducting volatile food and energy prices, the core CPI increased by 0.3% for the second consecutive month, the strongest two-month increase since the beginning of 2006; the core CPI annual growth rate rose slightly from 2.1% in June to 2.2%. , a new high in 6 months.
The US Federal Reserve (Fed) set the inflation target at 2% in 2012, but the US inflation rate has not met the target. According to FedWatch, the market expectation monitoring tool of the Chicago Mercantile Exchange (CME Group), the Fed funds rate futures data on the 14th shows that the market expects the Fed to increase interest rate by 0.75 percentage points to about 50% this year, higher than 33 on the 13th. %.