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US Inflation data to be released today

ByFederica Montella
Published 10/08/2023, 11:33

US Inflation data to be released today

The Bureau of Labor Statistics will publish the Consumer Price Index (CPI) for the month of July today at 13:30 GMT+1.

Economists are expecting that CPI month over month remains at 0,2%, the same level as in June.

The yearly reading is expected to increase to 3.3%, up from June's data of 3%.

Core inflation, which excludes volatile food and energy categories, is forecasted to be at 4.8% from a year earlier, the same data registered last month.

The same number as last month is also expected for the July Core CPI month-over-month data which is estimated at 0.2%.



Inflation reached its highest point in June 2022 when it was at 9.1%.

The Federal Reserve has implemented a restrictive monetary policy to reduce inflation, in fact, there has been a series of interest rate increases that have reached, in July, the highest level in 22 years.

The inflation target is 2%.

The big question now is: will the Fed continue to hike interest rates in September?

Investors are not expecting an interest rate increase in September, and if the inflation respects the forecast there are high chances that the US Central Bank will not increase the rate.



The Fed will decide the next action based on today's inflation data as well as the data that comes from the labour market which is very tight.

Today at 13:30, the Bureau of Labour Department will publish the weekly initial jobless data.

It is expected to be at 230,000 units, 3,000 more claims compared to last week.

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