US inflation 📈 took another leap in July
Despite significant efforts to curtail it.
The primary culprits?
Rising costs in 🏠 housing , 🚗 car insurance , and 🍔 food. The inflation rate touched 3.2% over the year to July.
This was a jump from June’s 3%, which was the lowest in over two years. An expected hike, given last July’s soft inflation.
However, there’s a silver lining!
Some indications suggest that price surges might be settling down.
“Underlying inflation is heading in the right direction.” – Hussain Mehdi, HSBC Asset Management
US central bank’s action?
They’ve raised the benchmark interest rate to a staggering 5.25%, a 22-year high, to counteract inflation.
Rising fuel prices. A gallon of regular gas in the US went up by around 30 cents in a month.
On the brighter side, housing costs, a major component in US inflation, are projected to stabilize soon.
With over 20 years in the banking industry, I’ve seen financial waves come and go. While times seem turbulent, remember that economies are resilient. Stay informed, stay positive, and trust the process. Together, we’ll navigate these waters.
Digging deep on banks is what I do.
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