Inflation ticked up in July, pausing a year of slowing price growth
Tom Garretson, senior portfolio strategist for RBC Wealth Management, noted a forecast of 3.2% for the CPI increase in his commentary ahead of the data release. Garretson said July's acceleration from June's change"should be dismissed by markets as it will be largely due to year-ago comps." Namely,"monthly inflation was negative in July 2022 making the year-to-year change appear higher."Additionally, CPI rose by 0.
With a year-over-year increase of 7.7%, the shelter index made up"over two-thirds of the total increase in all items less food and energy," per Thursday's news release from the Bureau of Labor Statistics. The release also noted this index was"by far the largest contributor to the monthly all items increase." Shelter climbed by 0.4% month over month in July, equivalent to the 0.4% rise in June.
While food prices soared over the 12 months ending July, energy plunged by 12.5% year over year. Used cars and trucks also declined by 5.6% from July of last year to July of this year.news release"The easy work in bringing inflation rates down is complete, further progress will continue, but at a slower pace," Garretson said in commentary before the CPI release.in July after a pause in June.
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