A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly/File PhotoAug 12 - U.S. import prices fell for the first time in seven months in July, helped by a strong dollar and lower fuel and nonfuel costs, while consumers' one-year inflation outlook ebbed in August, the latest signs that price pressures may have peaked.
"Declining import prices and producer prices support the ... thesis that the economy is past headline peak inflation," said Jeffrey Roach, chief economist at LPL Financial.The Federal Reserve is mulling whether to raise its benchmark overnight lending rate by 50 or 75 basis points at its next policy meeting on Sept. 20-21, as the U.S. central bank battles to cool demand across the economy and bring inflation back down to its 2% goal.
Imported fuel prices dropped 7.5% last month after surging 6.2% in June. Petroleum prices declined 6.8%, while the cost of imported food fell 0.9%, the largest one-month drop since November 2020 and third straight monthly decline. The report also showed export prices fell 3.3% in July after accelerating 0.7% in June. Prices for agricultural exports declined 3.0%, with the fall led by lower prices for soybeans, wheat and cotton.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Forecast: XAGUSD eyes a break below the 50-DMA as US bond yields rallySilver Price Forecast: XAGUSD eyes a break below the 50-DMA as US bond yields rally – by christianborjon Silver XAGUSD UnitedStates Inflation Fed
Source: FXStreetNews - 🏆 14. / 72 Read more »
US Inflation Eases to 8.5% as Gas Prices Slump, Fed’s Hawkish Outlook in QuestionThe sharp pullback in bond yields triggered a significant bearish reaction in the dollar, prompting the DXY index to slump more than 1.1% at the time of writing. Get your market update from DColmanFX here:
Source: DailyFX - 🏆 305. / 63 Read more »
Airfares, hotel rates and rental car prices fell in July. Here’s how you can score a good dealThe price for major components of vacation travel have declined for two consecutive months, according to the U.S. Department of Labor's Consumer Price Index.
Source: CNBC - 🏆 12. / 72 Read more »
Gas Prices Dip To Level Not Seen Since Early MarchFalling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Buying Less For More: Inflation's Impact on What You Can Buy for $20 at the Grocery Store🍠 Have you noticed the impact of inflation at the grocery? If so - what items have you seen go up? NBC 7's danawilliamstv explores how far $20 bucks goes for a dinner for two. danawilliamstv A little but I’m vegan and I feel like produce hasn’t gone up as much as some other foods. Between Sprouts and Trader Joe’s and coupons at Vons my grocery cost hasn’t gone up too much. danawilliamstv Wouldn’t it have been even cheaper to buy fresh veggies & cut them up instead of buying pre-packaged chopped veggies? Are you serious? I eat cereal for dinner! Yogurt for breakfast, & maybe grab something to snack on late at night! I have not eaten in a restaurant in over 20 years except for twice when I recently met up w/my sister. I collect social security & that's all I live on. Seriously?
Source: nbcsandiego - 🏆 524. / 51 Read more »
Average US gas price dips below $4 for the first time in 5 monthsFalling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.
Source: adndotcom - 🏆 293. / 63 Read more »