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Cost of living in the US continued to fall, but pressures the price of the dollar & More Latest News Here

 

The cost of living in the United States continues its downward streak and the year-on-year rate of the Consumer Price Index (CPI) fell two basic points in August, standing at 8.3%, although in monthly terms prices rose 0.1% compared to July.

It is worth mentioning that, according to a previous survey conducted by Bloomberg, the majority of analysts estimated that the annual rate would be 8%that is, the prices that Americans assume to cover their needs fell, but not as much as projected.

This less deep fall than expected had an impact on the price of the dollar. According to the DXY index, which measures the strength of the gringo ticket against a basket of seven other currencies, it rose this Tuesday to 109.52 points, after five days of consecutive decline.

In Colombia, the dollar opened this Tuesday at $4,410.47, which represented an increase of $63.56 compared to the Representative Market Rate (TRM), which for the day stands at $4,346.91 . According to the Set-FX platform, the US currency reached an opening price of $4,405, a low of $4,401.10 and a high of $4,414.50.

Low inflation, but will continue to have effects

The monthly drop of 10.6% in the price of gasoline was not enough to offset the increases in other concepts, such as food, whose prices continue to rise, according to data published this Tuesday by the Bureau of Labor Statistics (BLS).

This is the second continuous drop in the year-on-year rate of inflation, which in June reached its highest figure in forty years, 9.1%, and in July it fell to 8.5%.

The fall gives a small respite to the US economy, which at the end of July entered what experts consider a technical recession by chaining two quarters of falls in the generation of wealth, measured by the Gross Domestic Product (GDP).

A diagnosis that is not shared by the Executive of Joe Biden, who on Tuesday said that today’s data shows the “progress” of the US economy reducing the global problem of inflation.

Last week, Jerome Powell, president of the Federal Reserve (the Bank of the Republic’s counterpart) insisted on the need for the Fed to continue carrying out a restrictive monetary policy to lower prices.in order to prevent citizens from getting used to high inflation.

To cool prices, the Fed is expected to further increase the interest rate, which indicates that investors will prefer to take their dollars to the US in view of better yields, consequently increasing the price of the US currency in other economies.

Cost of living in the US continued to fall, but pressures the price of the dollar
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