The rate of inflation in the 12 months ended in July remained at 5.4% for the second straight month, a 20-year high. Federal Reserve officials are remaining patient and view the surprising gains of inflation as “largely transitory.”
Economists polled by The Wall Street Journal had estimated a 0.5% advance. That’s down from a 0.9% gain in June.
However, the closely watched measure of inflation that omits volatile food and energy rose 0.3%, below expectations of a 0.4% gain. It’s down from solid gains in the last three months. As a result, the 12-month rate decelerated to 4.3% from 4.5%, which was a 29-year high. Energy prices rose 1.6% in July after a 1.5% gain in the prior month. Food prices moderated slightly, rising 0.7% after a 0.8% gain in June. Owners equivalent rent, a measure of housing, rose 0.3%.
Other economists are quick to note how high inflation actually is. Last year, the headline CPI was running 1% year-on-year while the core was running at a 1.6% annual rate.
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