He price index personal consumption spending in the United States, the statistic chosen by the Federal Reserve (Fed) to monitor inflation, stood at 3.3% year-on-year in July, which represents a rise of three tenths compared to June, according to has revealed this Thursday the Bureau of Economic Analysis, Department of Commerce.
The underlying index, which excludes from its calculation the food and energy prices Due to its greater volatility, it closed the seventh month of 2023 with an increase of 4.2%, one tenth more than the previous month.
In monthly rates, the general variable of the index experienced an advance of 0.2%, while the underlying variable it also advanced 0.2%, both unchanged from June. On their side, food prices grew by 3.5%, although energy prices fell by 14.6%.
To cope with rising prices, the Federal Reserve (Fed) It has raised interest rates eleven consecutive times since March 2022. In this way, it has placed them in the target range of between 5.25% and 5.50%, its highest level since January 2001.
However, at its last meeting on July 26, the Fed “will continue to evaluate additional information” about the economic implications of past increases and will adjust its policy “as appropriate”. The next revision of this figure will be announced on September 20, the day the Fed officials will meet again.