The United States economy seems to have avoided a spiral of falling prices, which would deter investment and potentially slow the recovery.
United States inflation is picking up pace as consumer prices jumped 0.6% again in July, mirroring the June increase, and driven up by new and used car prices, government data showed on Wednesday, August 12.
Falling oil prices had been keeping a lid on the overall price gains, but the energy index rose 2.5% last month, according to the report.Excluding the volatile food and energy components, the"core" CPI gained 0.6% in July – the biggest increase in this closely-watched measure since January 1991. With businesses reopening after months of COVID-19 shutdowns, the world's largest economy seems to have avoided a spiral of falling prices, which would deter investment and potentially slow the recovery.
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