CNBC "Despite Sharp Oil Price Drop... Increases in Food, Housing, Healthcare, and Automobiles"
[Asia Economy Reporter Yu Je-hoon] Last month, the United States Consumer Price Index (CPI) was recorded to have risen by 8.3% compared to the same month last year.
The U.S. Department of Labor announced on the 13th (local time) that last month's CPI increased by 0.1% compared to the previous month and by 8.3% compared to the same month last year. The core CPI, which excludes volatile items such as energy and food, rose by 0.6% month-over-month and 6.3% year-over-year.
Accordingly, the U.S. CPI inflation rate has slowed for two consecutive months, from a peak of 9.1% in June to 8.5% in July and 8.3% last month.
However, the August CPI inflation rate (8.3%) exceeded market expectations (8.1%). On a month-over-month basis, it also rose by 0.1%, surpassing the market forecast of -0.1%. Despite the sharp drop in oil prices, the higher-than-expected inflation rate weakens some interpretations that inflation has peaked.
CNBC reported on the same day that despite the sharp decline in energy prices, price increases in other areas offset this. According to CNBC, energy prices fell by 5% due to a drop in the gasoline index, but the food index increased by 0.8%, and housing costs, which account for about one-third of the CPI weighting, also rose by 0.7%. Additionally, medical services (0.8%) and new cars (0.8%) showed upward trends.
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