In the United States, consumer price inflation is slowing, in line with the cooling of the labour market.
After three months of more restrained growth, the CPI index fell in June, month-on-month, for the first time in two years. The core index rose very moderately . Other important signs of disinflation: alternative measures continue to fall, and in particular the trimmed mean PCE index published by the Federal Reserve in Dallas, which is now well anchored below 3% .
It is true that inflation in this sector rebounded by 0.3 percentage points to 1.8% y/y in June, but it has fallen back compared with the start of the year, dragging down core inflation , which halved between August 2023 and June 2024 . That said, the measure most closely followed by the Bank of Japan, the CPI excluding fresh food, rose from 2.6% in May to 2.7% in June. Although it only represents 7.8% of the price index, energy inflation contributed 0.
Macroeconomics Centralbanks CPI
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