United States Inflation

United States

Consumer prices unchanged in June

In June, consumer prices remained flat over the previous month in seasonally adjusted terms. The figure was up from the 0.3% drop recorded in May and matched market expectations. The figure mainly reflected how a large decline in energy prices was offset by higher prices for food. Annual headline inflation remained unchanged at May's 1.7%, its lowest level since January 2011. Meanwhile, the closely monitored core inflation index, which excludes food and energy, added 0.2% over the previous month, also matching market expectations. As a result, annual core inflation inched down from 2.3% in May to 2.2% in June. Annual average inflation over the previous 12 months moderated to 2.9% from 3.1% in May. The Federal Reserve expects PCE inflation (based on the price index for personal consumption expenditures) to average between 1.9% and 2.0% this year. For 2013, the Fed anticipates PCE inflation to range between 1.6% and 2.0%.


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