The US Consumer Price Index (CPI) surged month-on-month in June, the highest growth since 2008. Growth exceeded all of Bloomberg’s economist expectations. The US monetary authorities’ commitment to maintain highly accommodative monetary policy will be tested.
Used cars accounted for more than 30% of CPI growth. Price pick-ups in areas related to the expansion of economic activity resumption, such as hotel accommodation, rental cars, clothing, and airfares, were also greatly reflected in the growth in the CPI.
“Inflation in June was a significant upside surprise, but again due to significant price increases in a minority sector,” said Michelle Meyer, head of US economics at Bank of America (BofA). It is. ” “This reinforces the view of transient inflation,” he said.
Compared to the same month of the previous year, it has shown a large increase in the past few months due to the so-called base effect. These growths are expected to peak, but it’s still unclear how much they will slow down in the coming months.
The April-June core CPI rose by more than 8% on an annual basis, the highest growth since the early 1980s.
Prices of new and used cars recorded the largest increase ever from the previous month. However, each of these items accounts for less than 4% of the total CPI.
Prices of food consumed outside the home rose 0.7% month-on-month, the largest increase since 1981.
Federal Reserve Board of Governors (FRB) chairman Powell has expressed the view that the recent rise in prices is a temporary impact of the resumption of economic activity, but the possibility of long-term inflationary pressure has also recently been seen. I have admitted. The risk of accelerated inflation in consumer prices is also increasing against the backdrop of prolonged production constraints.
Housing costs, which account for about 30% of the total CPI, rose 0.5%, the highest increase since October 2005. This reflected a 7.9% surge in hotel accommodation.
Inflation-adjusted real average hourly wages fell 1.7% year-on-year in June, according to separately released data. It was down 2.9% last month.
See the table for details on statistics.
Original title:U.S. Consumer Prices Jump Most Since 2008, Topping All Estimates（抜粋）
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