Key Points
The so-called core consumer price index which excludes food and energy costs increased 3.2% in July from a year ago, still the slowest pace since early 2021..
The monthly measure rose 0.2%, a slight pickup from Junes surprisingly low reading, Bureau of Labor Statistics figures showed Wednesday...
Inflation is still broadly on a downward trend as the economy slowly shifts into a lower gear. Combined with a softening job market, the Fed is widely expected to start lowering interest rates next month, while the size of the cut will likely be determined by more incoming data...
The most disappointing part of the report was shelter prices, which economists and policymakers have been widely expecting to ease and help move inflation closer to the Feds target..
That measure, known as the personal consumption expenditures price index, doesnt put as much weight on shelter as the CPI does and thats part of the reason why the PCE gauge is trending closer to the Feds 2% target...
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