Global Macro Service > Data Insights > United States

Stronger than expected CPI, but not a new trend

Core inflation for the second consecutive month advanced a faster than expected 0.3% in July versus consensus and our expectation of a 0.2% rise. The back-to-back monthly increase of 0.3% in core CPI is highly unusual – the last time it happened was January-February 2001. With economic growth slowing, we doubt we are seeing a start to a firmer trend in inflation.

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