The Consumer Price Index for July 22 was better than analyst expectations.
Washington – The U.S. Bureau of Labor Statistics Consumer Price Index for July 2022 showed that the all items index had no increase from June, but overall prices continued their inflationary track and increased 8.5% over the past 12 months. This was less than analyst expectations of 8.7% and better than the 9.1% increase in June.
The biggest contributor to the shift was the decrease in gas prices. The gasoline index fell 7.7% in July, and this decrease offset increases in the food and shelter indexes, resulting in the all items index being unchanged from June.
However, the food index continued to rise and increased 10.9% over the past year, the largest 12-month increase since the period ending May 1979.
The index for household furnishings and operations rose 0.6% after increasing 0.4% in June.
The Federal Reserve considers consumer price inflation as one factor in determining how much more it will be raising interest rates through the rest of 2022.
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Jean Marie Layton is senior editor for upholstery at Furniture Today. A design and furniture aficionado, she has worked as a writer/editor in industry and non-profits, in academic administration and in retail furniture sales. She pursued a master’s degree in the history of design at Parsons/Cooper-Hewitt and has a BA in history from Mount Holyoke College and an MA in liberal arts from Stanford University. Reach out to Jean Marie with your story ideas, tips and more at [email protected]
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