Om inflasjon i juli. Og dette er viktig.

I Norge har vi et inflasjonsmål på 2,5%. Så hvordan vi måler inflasjon, og hvilke typer inflasjon vi setter renta etter er viktig. I USA spiller inflasjon en meget viktig rolle i både finanspolitikk og pengepolitikk (eller fraværet av). Her er noen viktige poeng fra Calculated Risk:

Key Measures of Inflation in July: «Earlier today the BLS reported:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in July on a seasonally adjusted basis … The gasoline index rebounded from previous declines and rose sharply in July, accounting for about half of the seasonally adjusted increase in the all items index. … The index for all items less food and energy increased as well, though the 0.2 percent increase was slightly smaller than the two previous months.

The Cleveland Fed released the median CPI and the trimmed-mean CPI this morning:

According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.2% (2.9% annualized rate) in July. The 16% trimmed-mean Consumer Price Index increased 0.3% (3.3% annualized rate) during the month. The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics’ (BLS) monthly CPI report.

Over the last 12 months, the median CPI rose 1.8%, the trimmed-mean CPI rose 2.1%, the CPI rose 3.6%, and the CPI less food and energy rose 1.8%.

Note: The Cleveland Fed has a discussion of a number of measures of inflation: Measuring Inflation. You can see the median CPI details for July here.

On a year-over-year basis, these measures of inflation are increasing, and near the Fed’s target.

On a monthly basis, the median Consumer Price Index increased 2.9% at an annualized rate, the 16% trimmed-mean Consumer Price Index increased 3.3% annualized in July, and core CPI increased 2.7% annualized.

With the slack in the system – and falling gasoline prices, the year-over-year measures will probably stay near or be below 2% by the end of this year.

• Philly Fed Survey:
«Regional manufacturing activity has dipped significantly»
Existing Home Sales in July: 4.67 million SAAR, 9.4 months of supply
Existing Home Sales: Comments and NSA Graph
Existing Home Sales graphs

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