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Inflation

The U.S. Labor Department published its annual inflation rate today for the 12-months ending in July 2020.  The Annual Inflation rate is 1.0%, up from 0.6% last month, and 0.1% in May – the lowest inflation rate since the Covid Pandemic.  This brings the 20-year average inflation rate to 2.1%.

So far during this pandemic, we have not experienced any deflation where the rate turns negative; the times that has happened in the past 20 years was in 2009 and 2015 and is a sign of an uncertain and slowing economy.

Yesterday, the Federal Reserve said it would reduce the interest rate it charges cities and states seeking short-term loans. They have also broadened their lending program to more than 300 cities.

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