Retail inflation remains benign at 3.15% in July

13 Août, 2019, 19:36 | Auteur: Auguste Feret
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The number, however, remained below RBI's 4% for the 12th straight month, despite recent interest rate cuts. Both gains exceeded the median estimates of economists, while the broader CPI advanced 0.3 per cent on the month and 1.8 per cent annually.

The core consumer price index, which excludes food and energy, rose 0.3% from the prior month, and 2.2% from a year earlier, according to a Labor Department report Tuesday.

Retail inflation eased marginally in July to 3.15% over the previous month despite costlier food items, said a government data released on August 13 evening.

The retail inflation based on Consumer Price Index (CPI) was 3.18% in June and 4.17% in July 2018. President Donald Trump has repeatedly cited low inflation in his attacks on the Fed and calls for deeper interest-rate cuts.

"With inflation close to target and equity markets likely to rally hard on a positive trade outcome we could end up seeing a significant re-evaluation of the outlook for monetary policy later this year that also results in a sharp correction higher in Treasury yields".

Tariffs on a wide range of consumer products imported from China, set to take effect September 1, may boost inflation further.

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Many key measures within the Labor Department's gauge advanced in July.

Prices for new vehicles fell 0.2 per cent, the first decline since February.

Energy prices rose 1.3% from the prior month as gasoline prices increased 2.5%. "This is the second 0.3% monthly increase in a row, something that hasn't happened since 2001".

- Economists surveyed by Bloomberg had forecast the core gauge would rise 0.2 per cent from the prior month and 2.1 per cent from a year earlier, with the broader index rising 0.3 per cent on the month and accelerating to 1.7 per cent on a yearly basis.

-With assistance from Kristy Scheuble, Benjamin Purvis and Vince Golle.

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