US Inflation Eases in June 2023, but Still Falls Short of the Fed's Target

Economics & Macro

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Adi Ahdiat 13/07/2023 16:20 WIB

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U.S. annual inflation slowed for the 12th consecutive month, reaching 3% (year-on-year) in June 2023. However, this figure has not yet reached the Fed's target of 2%.

U.S. Annual Inflation Rate (January 2020-June 2023)

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US Inflation Eases in June 2023, but Still Falls Short of the Fed's Target

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U.S. Annual Inflation Rate (January 2020-June 2023)

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According to the report from the United States Bureau of Labor Statistics (BLS), the US annual inflation rate in June 2023 reached 3% (year-on-year/yoy).

This inflation rate has slowed for 12 consecutive months, marking the lowest inflation in the past two years.

The decline in US inflation in June 2023 was mainly influenced by lower energy prices compared to a year ago.

"The energy index fell 16.7 percent over the last 12 months," the US Bureau of Labor Statistics said in its press release on Wednesday (July 12, 2023).

Broken down by commodity, in June 2023, the gasoline price index in the US fell 26.5% (yoy), the fuel oil index fell 36.6% (yoy), and the natural gas index fell 18.6% (yoy).

However, the electricity price index in the US still increased by 5.4% (yoy), and the overall food price index rose by 5.7% (yoy).

Other commodities also experienced price increases, such as new vehicles, clothing, housing, transportation services, and healthcare products.

Of these commodity groups, the largest inflation occurred in transportation services, at 8.2% (yoy).

Although overall inflation in the US is significantly lower than a year ago, the US central bank, the Federal Reserve (The Fed), may still raise its benchmark interest rates to push inflation down to its 2% target.

"We may need a few more rate hikes this year to really sustainably bring inflation down to our 2% target," said Mary Daly, President of the Federal Reserve Bank of San Francisco, as reported by Reuters on Tuesday (July 11, 2023).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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US Inflation Eases in June 2023, but Still Falls Short of the Fed's Target

US Inflation Eases in June 2023, but Still Falls Short of the Fed's Target

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US Inflation Eases in June 2023, but Still Falls Short of the Fed's Target

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