Keeping you up to date on the latest data releases.
The headline CPI jumped up at an annualized rate of 6.2 percent in July, surprising expectations to the upside. Increases in food at home (up 7.2 percent) and a rebound in motor fuel prices (up 72 percent after falling 56 percent in June) accounted for a little over half of the overall gain. Though on a not seasonally-adjusted basis, motor fuel fell 16.5 percent. Excluding food and energy prices, the core CPI rose 2.7 percent in July. Over the past three months, the core CPI is trending at an annualized growth rate of 3.1 percent, above its 12-month growth rate of 1.8 percent. The headline CPI is still running at an elevated 3.6 percent over the past year. The median CPI rose 2.9 percent in July, while the 16% trimmed-mean CPI jumped up 3.3 percent. The two measures are ranging between 2.2 percent and 2.4 percent over the past three months. Over the past year, the trim is up 2.1 percent and the median CPI is up 1.8 percent. A slightly more subdued signal of underlying inflation is coming from the sticky CPI, which increased 2.1 percent in July, but is up only 1.5 percent over the past year. Excluding shelter, the index rose just 1.4 percent during the month, matching its 3-month growth rate.