Consumer Price Index:Historical Releases/2023 July: Difference between revisions

Consumer Price Index:Historical Releases/2023 July (view source)

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 * Wages are stil above historical averages and came higher than expected in July once again.Wage growth remains very sticky.
-* Energy prices saw a significant increase in July, this will the main reason for higher CPI headline readings in coming mothns.
+* Energy prices saw a significant increase in July, this will be the main reason for higher CPI headline readings in coming mothns.
 * Food price index increase 1.3% m/m during July, but  is still 11.8% lower than a year ago.
 * Supply chain continue to be below the index’s historical average in July, but rebounded a bit during July.
-* Housing prices recorded a 4th consecutive month of price increases, increasing 1.2% month-over-month in May of 2023. This data could suggest that the cooling in shelter CPI could not be permanent or volatile.
+* Housing prices recorded a 4th consecutive month of price increases, increasing 1.2% month-over-month in May of 2023 (-0.5% y/y). Rent prices also increased 0.3% m/m, but are now -0.7% y/y.
-* Used Car prices continue to decrease July, but at a more modest pace (1.6% m/m). New car transaction prices also decline 0.7% m/m during July.
+* Used Car prices continue to decrease July, but at a more modest pace (1.6% m/m). New car transaction prices also decline 0.7% m/m during July. Recent significant declines, should start to be more reflected in CPI.
 The markets are pricing a pause in rates for the remaining of the year. <ref>https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html</ref>