💸 CPI – July

MacroDrip

The inflation print for July just hit the tape, so let’s dive right in!

Here are the headline prints:

Year-over-Year:

✅ *US JULY CPI RISES 2.7% Y/Y; EST. +2.8%
❌ *US JULY CORE CPI RISES 3.1% Y/Y; EST. +3.0%

Month-over-Month:

✅ *US JULY CPI RISES 0.2% M/M; EST. +0.2%
✅ *US JULY CORE CPI RISES 0.3% M/M; EST. +0.3%

For a complete breakdown of last month’s CPI,
download our US Inflation Dashboard.

July CPI — Year-over-Year

Let’s start with our chart that shows the weight of the three main CPI categories and their respective sub-groups on the left. On the right, you can see how each item contributes to the overall index.
(see June CPI)

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Next up, we’ve got two charts breaking down Core CPI — one showing year-over-year (YoY) changes and the other highlighting month-over-month (MoM) shifts, focusing on items with the most disproportionate impact.

July Core CPI — Year-over-Year

(see June Core CPI YoY)

July Core CPI — Month-over-Month

(see June Core CPI MoM)

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Overall, the numbers were pretty much in line, except for Core CPI, which came in hotter than expected year-over-year.

Core CPI was up 0.32% on the month, with some odd movers like Dental Services, Airline Fares, and Furnishings pushing the index higher.