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The monthly consumer price index data will be released by the US Department of Commerce today.
According to the median expectations, consumer prices are forecast to rise slightly higher in July. This would mark a modest increase in inflation. However, it will, by no means change the underlying narrative from the Fed.
Expectations are for the headline inflation rate to inch higher to 1.7% on the year ending July. This marks a modest increase from the 1.6% print from the previous month.
On a month over month basis, headline inflation is forecast to rise 0.3% in July, higher than June’s print of 0.1%.
The core inflation rate, which excludes the volatile food and energy prices, is forecast to remain steady at 2.1%. It has been steadily anchored around the 2.1% level for the past few months, on a year over year basis.
On a monthly basis, we can expect the core inflation rate to slow to 0.2%, down from 0.3% in J...
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