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Hindustan Times
4 minutes ago
- Hindustan Times
US Consumer Inflation unchanged in July as Trump's sweeping tariff worries persist
Consumer inflation in the United States was unchanged in July, data showed Tuesday, but underlying price increases picked up as President Donald Trump's sweeping tariffs ripple through the world's biggest economy. The consumer price index (CPI) rose 2.7 percent from a year ago in July, same as in June, said the Department of Labor.(AFP) The consumer price index (CPI) rose 2.7 percent from a year ago in July, same as in June, said the Department of Labor, as worries over the reliability of data intensify and central bank officials gauge the effects of Trump's fresh levies this year. Analysts are closely monitoring the CPI report in particular for signs of weakening in the United States after the July government employment report recently showed weakness in the key jobs market. The figure, however, was a touch lower than the 2.8-percent rate expected in a median forecast of analysts surveyed by Dow Jones Newswires and The Wall Street Journal. While the indexes for energy and gasoline dropped in the month, shelter costs rose in July. Excluding the volatile food and energy segments, "core" CPI accelerated to 0.3 percent on a month-on-month basis in July, up from a 0.2-percent rise. From a year ago, underlying inflation rose 3.1 percent, picking up pace too from before. Indexes that rose over the month included medical care, airline fares and household furnishings, the report showed.
Mint
6 minutes ago
- Mint
India, China set to resume direct flights ‘as soon as next month': Report
India and China are set to resume direct flight connections as soon as next month, Bloomberg reported citing officials in the know. The move comes days ahead of Prime Minister Narendra Modi's visit to China on 28 August for the SCO Summit in Tianjin. Direct commercial flights between the two Asian nations have been suspended since early 2020 due to the Covid-19 pandemic. Since then, travellers have had to transit through regional hubs such as Hong Kong, Singapore or Bangkok, significantly increasing travel time and costs. According to Bloomberg report citing officials, India's civil aviation authorities have instructed domestic carriers, such as Air India and IndiGo to prepare flights to China at short notice. An official announcement could be made during or shortly after the Shanghai Cooperation Organisation summit in Tianjin later this month, Bloomberg report adds. Prime Minister Narendra Modi is scheduled to travel to Tianjin, China, on 28 August to attend the Shanghai Cooperation Organisation (SCO) summit, marking his first visit to the country in several years. The SCO, a regional bloc focused on security, trade, and political cooperation, includes major powers such as China, Russia, and Central Asian states. PM Modi's trip is expected to feature bilateral meetings on the sidelines, with speculation that he could hold direct talks with Chinese President Xi Jinping amid efforts to stabilise ties after years of strained relations following the 2020 border clashes in Ladakh.
Time of India
6 minutes ago
- Time of India
US consumer prices increase moderately in July; data quality concerns rising
America saw a slight rise in consumer prices during July. Import tariffs caused increased costs for goods. This led to a notable gain in underlying inflation. The Labor Department released this data. The Federal Reserve is monitoring these inflation measures. Concerns are rising about the quality of inflation and employment reports. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads DATA COLLECTION SUSPENSION U.S. consumer prices increased moderately in July, though rising costs for goods because of import tariffs led to a measure of underlying inflation posting its largest gain in six consumer price index rose 0.2% last month after gaining 0.3% in June, the Labor Department's Bureau of Labor Statistics said on Tuesday. In the 12 months through July, the CPI advanced 2.7% after rising 2.7% in June. Economists polled by Reuters had forecast the CPI rising 0.2% and increasing 2.8% the volatile food and energy components, the CPI rose 0.3%, the biggest gain since January, after climbing 0.2% in June. The so-called core CPI increased 3.1% year-on-year in July after advancing 2.9% in Federal Reserve tracks different inflation measures for its 2% target. Prior to the CPI data, financial markets expected the U.S. central bank would resume cutting interest rates in September after July's weak employment report and sharp downward revisions to the nonfarm payrolls counts for May and Fed left its benchmark overnight interest rate in the 4.25%-4.50% range last month for the fifth straight time since CPI report was published amid mounting concerns over the quality of inflation and employment reports following cuts in budget and staffing that have led to the suspension of data collection for portions of the CPI basket in some areas across the worries were amplified by President Donald Trump firing Erika McEntarfer , the head of the BLS, early this month after stall-speed job growth in July, reinforced by sharp downward revisions to the May and June nonfarm payrolls suspension of data collection followed years of what economists described as the underfunding of the BLS under both Republican and Democratic administrations. The situation has been exacerbated by the Trump White House's unprecedented campaign to reshape the government through deep spending cuts and mass layoffs of public the need to "align survey workload with resource levels," the BLS suspended CPI data collection completely in one city in Nebraska, Utah and New York. It has also suspended collection on 15% of the sample in the other 72 areas, on affected both the commodity and services pricing survey as well as the housing survey, which the BLS said resulted in the number of collected prices and the number of collected rents used to calculate the CPI temporarily reduced. That has led to the BLS using imputations to fill in the missing share of different cell imputation in the CPI data jumped to 35% in June from 30% in cell imputation, which the BLS uses when all prices are unavailable in the home cell, maintains the item category but expands geography. The home cell method, considered by economists as higher quality, uses the average price of the same item in the same location as the missing product's use of different cell imputation has grown from a share of only 8% in June 2024. Economists said while these measures adopted by the BLS will not introduce bias in the CPI data, the volatility was a cause for concern.
