Together with the latest CPI report, these indicators could signal a soft landing after long-standing high inflation.īut the central banking system could still seek to raise interest rates again. The latest jobs report shows the economy added 209,000 jobs last month, with the unemployment rate dropping to 3.6 percent. Home prices hit record highs in nearly two-thirds of major markets Housing costs are still high, though rent and home prices have stabilized or dropped in some places in recent months.Ĭonsumer debt climbs as American credit card balances surpass $1 trillion The index for rent went up 0.5 percent from the previous month, and the index for owners went up 0.4 percent in that same period. Shelter prices went up 0.4 percent monthly, the largest factor in the monthly increase for the index of all items besides food and fuel, and up 7.8 percent annually. Rent and housing costs contributed to more than 70 percent of the overall increase in inflation in the latest CPI. Inflation peaked with an annual increase of 9.1 percent in June 2022, a few months after Russia invaded Ukraine and sparked global economic issues. The 3 percent annual increase seen in June is the smallest annual increase since March 2021, a potential signal that the country is seeing its inflation woes ease after it surged during the pandemic and amid widespread supply chain issues. Here are five takeaways from the new report: Smallest annual increase in over two years
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