Food Prices Rise, US Inflation Climbs Again in July 2023

Economics & Macro

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Adi Ahdiat 15/08/2023 14:00 WIB

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U.S. inflation in July 2023 rose to 3.2% year-on-year, driven in part by rising food prices.

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

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

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According to the U.S. Bureau of Labor Statistics, the annual U.S. inflation rate in July 2023 reached 3.2% (year-on-year/yoy), up from 3% (yoy) in June 2023.

This is the first increase after U.S. inflation had been declining for 12 consecutive months, as shown in the graph.

In July 2023, the U.S. inflation rate strengthened despite energy prices being lower than the previous year. This inflation increase was partly driven by rising food prices.

"The energy index fell 12.5 percent over the last 12 months, and the food index rose 4.9 percent over the year," the U.S. Bureau of Labor Statistics said in a press release on Thursday (August 10, 2023).

A breakdown by commodity shows that in July 2023, the U.S. gasoline index fell 19.9% (yoy), the fuel oil index fell 26.5% (yoy), and the natural gas index fell 13.7% (yoy).

However, the food at home index rose 3.6% (yoy), and the food away from home index rose 7.1% (yoy).

Other commodities also experienced price increases, such as new vehicles, apparel, shelter, transportation services, and medical care. Among these commodity groups, transportation services saw the largest inflation, at 9% (yoy).

According to Oren Klachkin, an economist at Oxford Economics, the strengthening inflation rate could trigger an increase in interest rates by the U.S. central bank, the Federal Reserve (The Fed).

"The Fed will not hesitate to raise its benchmark interest rate again if inflation moves unexpectedly higher," Klachkin said, as reported by the official S&P Global website on Friday (August 11, 2023).

Similar sentiments were expressed by Lydia Boussour, senior economist at EY-Parthenon.

"With (U.S.) inflation still far from the 2 percent target, the Fed is likely to maintain a hawkish stance and open the door for further interest rate hikes," Boussour said.

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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Food Prices Rise, US Inflation Climbs Again in July 2023

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