The inflation rate in the United States was 3.2% in July 2023, according to the Consumer Price Index (CPI). This is still above the Federal Reserve's target of 2%. The core inflation rate, which excludes food and energy, was 4.7% in July, down from 4.8% in June.
The main drivers of inflation in July were rising prices for food, shelter, and transportation. Food prices increased 0.8% in July, the largest monthly increase since February 2022. Shelter prices increased 0.5% in July, the largest monthly increase since June 2021. Transportation prices increased 0.4% in July, the largest monthly increase since March 2022.
The Federal Reserve is expected to continue raising interest rates in an effort to cool inflation. The Fed raised interest rates by 0.75 percentage points in June, the largest increase since 1994. The Fed is expected to raise interest rates by another 0.75 percentage points in July and September.
It is too early to say whether inflation will go down in 2023. The Federal Reserve's efforts to raise interest rates may help to cool inflation, but it is also possible that inflation will remain high due to factors such as the war in Ukraine and supply chain disruptions.
Myrtle Beach Real Estate Companies
- Carolina Forest
- Market Commons
- Grande Dunes
- Forestbrook
- Prince Creek
- Barefoot Resort
- Surfside Beach Club
- International Club
Comments(2)