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Bloomberg's spin: Inflation 'moderates' as it keeps going up
Consumer Inflation in U.S. Moderates While Remaining Elevated
By Reade Pickert
Bloomberg News
Wednesday, August 11, 2021
Prices paid by U.S. consumers climbed in July at a more moderate pace, though not enough to provide major relief from the cost increases weighing on sentiment and driving policy debate.
The consumer price index increased 0.5% from June and 5.4% from a year ago, according to Labor Department data released today. Excluding the volatile food and energy components, the so-called core CPI rose 0.3% from the prior month and 4.3% from July 2020.
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Price measures of food, energy, shelter, and new vehicles all contributed to the July gain. Airfares and auto insurance costs declined.
Faced with supply constraints and surging demand, businesses are raising prices for goods and services as cost pressures mount. Ongoing challenges including materials shortages, shipping bottlenecks and hiring difficulties will likely continue to put broader upward pressure on prices in the months ahead. ...
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