HSTRONGART-STOCK.ADOBE.COM PHOTOThe consumer-price index (all urban consumers) rose 0.2% in July, the same increase as June, the U.S. Labor Department said in a statement.
The all items index increased 3.2%, before seasonal adjustment, for the 12 months ending in July, slightly higher than the 3% increase for the 12 months ending in June.
The index for all items excluding food and energy rose 0.2% in July, the same number as June. The index was up 4.7% for the last 12 months
Fed officials tend to focus on core inflation because they see it as a better predictor of future inflation than the overall inflation rate, according to reporting in The Wall Street Journal. The core CPI could result in the Federal Reserve holding steady its benchmark interest rate at its September policy meeting. The latest numbers reduce the three-month annualized rate of core inflation to 3.1%, the lowest in two years.
The annual rate of inflation is not expected to slow much more this year and could accelerate into early 2024, according to published reports. Officials have lifted interest rates to a 22-year high to in an attempt to cool the economy, and there are positive signs that price pressures are easing. Fed chair Jerome Powell has said the central bank is looking for further softening of the labor market.
The closest indicator for what this means for boat prices is automobile pricing, according to published reports. Retail prices for automobiles rose less than 1% compared with the last year, the smallest increase in the past decade.
