United States Inflation July 2022

United States

United States: Inflation drops to lowest level since April in July

August 10, 2022

Consumer prices dropped 0.02% over the previous month in July, swinging from June's 1.32% rise. The figure was largely driven by softer growth in prices for housing. In addition, price pressures for transportation declined due to lower fuel prices.

Inflation came in at 8.5% in July, down from June’s 9.1%. July's figure marked the weakest inflation rate since April and was below market expectations. That said, inflation is still more than four times the Fed’s 2.0% target. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 7.4% in July (June: 7.2%). Lastly, core inflation was unchanged, coming in at June's 5.9% in July.

FocusEconomics Consensus Forecast participants expect inflation to average 8.0% in 2022, which is up 0.1 percentage points from last month’s forecast. For 2023, the panel expects inflation to average 3.7%.


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United States Inflation Chart

United States Inflation July 2022

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
Source: Bureau of Labor Statistics.

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