Consumer Credit and Inflation Rates Update
In May 2024, consumer credit in the United States saw a higher-than-expected increase of $11.4 billion, following a $6.5 billion increase in the previous month. The annual growth rate also accelerated to 2%, up from 1.9%. Revolving credit, which includes credit card debt, experienced a slight dip in its annual growth rate to 6.7% from 6.9%, despite a monthly increase of $7 billion. On the other hand, non-revolving credit, primarily for education and auto loans, saw an increase in its annual growth rate to 0.5% from 0.3%, with a monthly increase of $4.3 billion. (Federal Reserve)
In the Netherlands, consumer prices saw an increase in the annual inflation rate in June 2024, rising to 3.2% from 2.7% in the previous month, with a monthly increase of 0.2%. Food prices maintained their annual growth rate at 1%, with a monthly increase of 0.3%, while utility prices increased at an annual rate of 1.7%
Consumer Prices in European Countries
In the month of June 2024, consumer prices in various European countries have shown different trends. In the Netherlands, prices increased by 1.5% from the previous month, while remaining stagnant on a monthly basis, with energy prices experiencing a 2.2% annual decrease. In Hungary, consumer prices rose by 3.7% annually, down from 4% in the previous month, with food prices showing a 1.3% annual decrease. Meanwhile, utility prices increased by 2.2% annually. In Greece, consumer prices increased by 2.3% annually, up from 2.4% in the previous month, with a monthly increase of 0.5%.
Overall, the consumer price trends in these countries reflect a mix of increases and decreases, with energy prices playing a significant role in shaping the overall inflation rates. It will be interesting to see how these trends evolve in the coming months and what impact they will have on the economies of these countries.
Analysis of Food and Utility Prices
In the current economic climate, the annual growth rate of food prices has decreased to 2.1%, down from 3.1% in the previous month. This decrease comes despite a monthly increase of 1.1%. On the other hand, utility prices have also seen a decrease in their annual rate, dropping to 0.4% from 1.6% in the previous month. This decrease comes with a slight monthly increase of 0.1%. These changes are reflective of the current market conditions and consumer behavior.
Industrial Producer Prices in Lithuania
In June 2024, the annual growth rate of industrial producer prices in Lithuania has accelerated to 0.3%, up from 0.1% in the previous month. This acceleration is attributed to a monthly increase of 0.2%, following a decline of 1.4% in the previous month. Within the manufacturing industry, prices have also seen an increase in their annual growth rate, rising to 0.5% from 0.4% in the previous month, despite a stagnant monthly rate. Energy prices, on the other hand, have decreased annually by 0.9% after a 2% decrease in the previous month. This decrease is accompanied by a monthly increase of 1.9%. These fluctuations in prices indicate a changing landscape in the industrial sector.
