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Wednesday, Feb 8, 2023

Consumer Prices Steady, Sales Jump

U.S. consumer prices held steady in June and retail sales jumped, according to government reports on Thursday that showed the economy on solid ground with little evidence of inflationary pressure.

The unchanged reading in the overall Consumer Price Index, which followed the first drop in 10 months in May, slowed the year-on-year increase in consumer prices to just 2.5 percent, well off the peak of 3.5 percent hit just two months ago. It was the lowest 12-month CPI reading since last September, before a big spike in oil prices.

“Core inflation,” which strips out volatile food and energy costs, edged up a mild 0.1 percent for the second straight month, suggesting underlying inflationary pressures may be waning.

A separate report from the Commerce Department showed retail sales jumped an unexpectedly large 1.7 percent last month as shoppers took advantage of automaker discounts. Outside of autos, spending increased 0.7 percent, a touch higher than forecasts.


Read the full Reuters story


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