The U.S. Import and Export Price Index soared in July. Senior Wall Street predictors exclaimed that inflation was worse than in the 1970s! _ Oriental Fortune Network

The U.S. Import Price Index in July rose 10.2% year-on-year, and was expected to be 10.5%; the month-on-month increase was 0.3%, and was expected to be 0.6%. In July, the export price index rose by 17.2% year-on-year, and is expected to be 16%; the month-on-month rise is 1.3%, and is expected to be 0.8%.

It is worth noting that the import price index except for oil in July rose only 0.1% month-on-month after a 0.7% increase in June; the import price index except food and fuel fell by 0.1% month-on-month in July. In addition, the price of imports from China has also reached the highest level since December 2015.

In view of the relative scale of US exports and imports, this report should alleviate market concerns about the expanding trade deficit, and to a certain extent support the view that US inflation is only a temporary phenomenon. However, it should be noted that the base effect of the economic collapse in 2020 has been far exceeded, and these extremely high inflation data currently look very sticky.

Peter Schiff, a senior Wall Street predictor, said: “The export price index in July rose by 1.3% month-on-month and 17.2% year-on-year. The increase in 2021 was 13.5%, and the annual rate was as high as 23%. This is shocking! The United States does not export goods. The price is likely to rise in the same proportion. 23% isCPIA more realistic indicator of inflation, which is worse than in the 1970s! “

(Source: Zhitong Finance Network)

Article source: Zhitong Finance Network

Editor in charge: DF557

Original title: The U.S. Import and Export Price Index soared in July. Senior Wall Street predictors exclaimed that inflation was worse than in the 1970s!