CPI ‘unchanged’ in July, says NAFCU Chief Economist
On a seasonally-adjusted basis, overall consumer prices were unchanged in July with the Bureau of Labor Statistics reporting the overall consumer price index (CPI) grew by 8.5 percent over the 12-month period, marking the slowest month-over-month growth in prices since April 2020. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in a new Macro Data Flash report.
“Energy prices were a key contributor to the slowdown, as gas prices fell 7.7 percent during the month,” noted Long. “Separately, airfares also dropped by 1.8 percent following a 12.6 percent increase in June as jet fuel costs fell.”
Energy prices fell by 4.6 percent during the month. From a year ago, energy prices were up 32.9 percent. Additionally, food prices climbed 1.1 percent in July and are up 10.9 percent compared to this time last year.
"Stripping out food and energy, core inflation slowed considerably from 0.7 percent growth in June to 0.3 percent last month,” added Long. "Housing costs grew by 0.7 percent, which is down a tick from June.”
Year-over-year core CPI growth was 5.9 percent.
"All in all, the CPI report was excellent and comes as welcome relief from the under-fire Federal Reserve," concluded Long. "Markets are fairly evenly split on whether to expect a 50- or 75-basis point hike from the FOMC in September, and that question will most likely depend on the incoming data over the next month."
For more up-to-date economic updates from NAFCU's award-winning research team, view NAFCU's Macro Data Flash reports.
Add to Calendar 2023-09-22 14:00:00 2023-09-22 14:00:00 Understanding Credit Card Portfolio Sales & Agent Programs Both credit union and bank credit card issuers are under intense pressure from various sources, including competitor innovation, significant internal resource commitments, increasing operating expenses, uncertain regulatory and economic environments and a variety of capital and liquidity constraints. This has led to about 80% of all banks offering credit cards under an ‘agent issuing’ model, where a third-party issues credit cards under the financial institution’s name. While hundreds of credit unions do the same, and interest in this option has increased in the last two years, the majority of credit unions still own and manage this product themselves. Deciding whether this option can meet strategic, financial and member needs can be difficult to untangle. In this webinar, Understanding Credit Card Portfolio Sales & Agent Programs, you’ll delve into the structure of such programs, the financial and risk-profile impacts of such a decision, the contractual commitments required of both parties and discover evaluation tips and processes for any credit union that would like to evaluate this path. Key Takeaways Discover the structure of the agent issuing concept and obligations of both parties Understand the financial impact of entering such a program to the balance sheet, income statement, and critical performance ratios Ascertain the impacts to members, including both positive and negative possibilities Review the accompanying contractual structures and key considerations Develop an evaluation process that best protects the credit union’s financial and other outcomes Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 22, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend COOs CFOs NCCOs and compliance titles NCRMs and risk titles General counsel staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
Get daily updates.
Subscribe to NAFCU today.