Consumer prices stood at 3.2% in July compared to last year, in a clear sign that high costs will persist in the United States and as consumers wonder how long everything will be so expensive.
This figure is slightly higher than in June, when it stood at 3%, reaching its lowest level in the last two years.
In the last 12 months, among what has become more expensive in the country is energy, with 12.5%, and food. Food prices at home increased by 3.6%, while food outside the home, such as in restaurants, increased by 7.1% in the last year, according to the most recent report from the Department of Labor.
Despite the fact that in the last year the inflation rate has decreased after the historic 9% in June 2022, it is still far from reaching the 2% target of the Federal Reserve, which has maintained its strategy of increasing interest rates in an attempt to curb inflation.
On the other hand, inflation was 0.2% compared to last month, a figure driven by the increase in housing, food and energy prices, among others.
Almost a year after inflation reached its highest point in 40 years in June 2022, with the historic 9%, the question remains when the prices of housing, cars and food, among others, will begin to fall.
Although the costs of some sectors and products have decreased after the peak of the pandemic, the bad news is that, according to analysts, the country is unlikely to return to the prices before COVID-19, which some may consider prices “normal” in the short term.
The high prices have also been maintained because, despite the fact that today everything is more expensive than three years ago, consumers continue to spend on trips, restaurants, cars, clothing, etc., giving a clear signal to companies that they are willing to to pay whatever.
