The Bureau of Labor Statistics released its July Consumer Price Index report on August 12. Headline CPI rose 0.1% month-over-month, rebounding from June’s 0.4% decline, bringing year-over-year inflation to 3.4%, down from 3.5% in June. Core CPI, which excludes food and energy, increased 0.2% month-over-month and 2.5% year-over-year. Shelter costs were the primary driver of the monthly increase, accounting for approximately two-thirds of the overall gain. Energy prices fell 1.5% month-over-month, yet remain 14.7% higher year-over-year. With inflation still above the Fed’s 2% target, the September meeting remains a key event.
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