Latest News Updates From Christopher Rugaber

Kevin Warsh acknowledged that recent inflation reports show it has cooled a bit, but “they do not tell me that underlying trends have meaningfully improved.”

Prices rose 3.7% in July compared with a year earlier. Inflation has worsened since the Iran war began in late February, when it stood at 2.9%. 

PPI rose 4.7% in July from a year ago, down from a much larger 5.5% increase in June. On a monthly basis, wholesale prices were unchanged from June to July, after they ticked down 0.1% the previous month.

Consumer prices rose 3.4% in July from a year ago, down from 3.5% in June, and up 0.1% from June.

Prices dropped 0.4% in June from May, the largest monthly drop in four years, the Labor Department said July 14.

Excluding the volatile energy and food categories, core prices rose 3.4% in May compared with a year earlier, up from 3.3% in April and the largest increase since October 2023.

In an unusually short statement after their two-day meeting, Fed officials dropped language that had suggested their next move would be to cut their key rate.

The PCE jumped to 3.8% in April compared with a year ago, the Commerce Department said May 28, up from 3.5% in March and the highest since May 2023.

A key inflation measure jumped in March as gas prices soared. Compared with a year ago, prices rose 3.5%, the biggest increase in almost three years.

Consumer prices rose 3.3% in March from a year earlier, the Labor Department said April 10. On a monthly basis, prices rose 0.9% in March from February.