“Annual inflation has fallen by around two thirds since last summer, and inflation outside of food and energy has fallen to its lowest level in any three-month period since September 2021,” Biden said in a statement issued Thursday morning after the report was released. President Joe Biden on Thursday said the latest CPI report shows the US economy “remains strong.” Witthaya Prasongsin/Moment RF/Getty ImagesĪmericans are pulling money out of their 401(k) plans at an alarming rate In June, prices increased 0.2% for the month and 4.8% annually. Declines in used car prices as well as airfares helped to bring core CPI lower. July is the the fourth consecutive month that annual core CPI has eased, and the 4.7% rate landed 0.1 percentage points below consensus expectations. “Inflation is slowing and doing so across a broader range of goods and services.”ĭespite the uptick in the headline number, the July report showed that underlying inflation continued its cooling streak.Ĭore CPI, which excludes the more volatile food and energy prices, increased 0.2% from June and was up 4.7% from the year-ago period. “Don’t be fooled by the uptick in inflation,” said Julia Pollak, chief economist with employment site ZipRecruiter, in commentary issued Thursday. Prices rose 0.2% on a monthly basis, driven by shelter costs, which accounted for 90% of the increase, the BLS report said. The annual headline rate’s increase, which was largely due to year-over-year comparisons to July 2022 when monthly inflation turned negative, came in below economists’ expectations for a 3.3% annual gain. The Consumer Price Index rose 3.2% for the year through July, up from June’s 3% annual increase, according to data released Thursday by the Bureau of Labor Statistics. On Tuesday, the Association of Somalia Universities said in a statement it had not sent any runners to the event.For the first time in more than 12 months, the pace of consumer price hikes accelerated on an annual basis. Though his letter referred to nepotism, no direct link was made between Dahir and Ali. “What happened today was not representative of the Somali people,” he said in Somali, Forbes reported. Somali Minster of Youth and Sports Mohamed Barre Mohamud said Ali was not a “sports person nor a runner.” According to Forbes, Mohamud had earlier “apologized” for the incident in a Facebook video. It alleged Dahir had engaged in “acts of abuse of power, nepotism, and defaming the name of the nation in international arena,” in a letter addressed to the Somali National Olympic Committee and tweeted by the ministry. On Wednesday, the Ministry of Youth and Sports of Somalia said it had suspended Khadijo Aden Dahir, the chairwoman of the Somali Athletics Federation. “It’s truly shocking and reflects poorly on our country internationally.” How could they select an untrained girl to represent Somalia in running?” one person wrote on Twitter, now known as X, in a post with more than 47 million likes. “It’s disheartening to witness such an incompetent government. The video immediately made waves on social media, prompting ridicule, disbelief, and for some, anger. She finished in 21.81 seconds – more than 8 seconds slower than the second-last runner, and more than 10 seconds behind the winner of the heat. The video, which circulated widely on Wednesday, showed Nasro Abukar Ali competing in the third heat of the first round of the women’s 100-meter race at the International University Sports Federation’s (FISU) Summer World University Games in China.Īli starts sluggishly out of the blocks as the other runners burst forward, and quickly fades far behind the pack before jogging toward the finish line and ending with a small skip. A Somali sports official was suspended for nepotism on Wednesday after a viral video showed an apparent novice runner skipping across the finish line in last place at an international competition.
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