01:30 PM BST, United States - Inflation Data for August:
- Core CPI: actual 0.3% MoM; forecast 0.2% MoM; previous 0.2% MoM;
- Core CPI: actual 3.2% YoY; forecast 3.2% YoY; previous 3.2% YoY;
- CPI: actual 2.5% YoY; forecast 2.5% YoY; previous 2.9% YoY;
- CPI: actual 0.2% MoM; forecast 0.2% MoM; previous 0.2% MoM;
The Consumer Price Index for August 2024 rose by 0.2%, matching July's increase, as reported by the U.S. Bureau of Labor Statistics. Annually, the CPI increased by 2.5%, the smallest year-on-year rise since February 2021. Significant monthly changes included a 0.5% rise in the shelter index and a 0.8% decrease in the energy index.
Excluding food and energy, the index rose 0.3%. Over the past 12 months, the index less food and energy climbed 3.2%, while energy and food indices moved by -4.0% and +2.1% respectively.
Inflation data in the US delivered mixed results. Headline inflation is performing optimistically at its lowest level since the start of the inflation problems. However, the core measure falls in line with expectations on an annual basis and slightly higher on a monthly basis. Following the release of the data, the market is leaning towards a 25bp cut at the Fed's September meeting. In total, investors are anticipating 100 bp percent rate cuts this year.
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