Newsroom
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.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.