July Inflation Undershoots Expectations
From today’s release:
Figure 1: Month on month annualized headline CPI inflation (blue), Bloomberg consensus of 8/9/2022 (blue square) and year on year inflation (pink), and Bloomberg consensus (red triangle). NBER defined peak-to-trough recession dates shaded gray. Source: BLS, Bloomberg, and NBER.
Figure 2: Month on month annualized core CPI inflation (blue), Bloomberg consensus (blue square) and year on year inflation (pink), and Bloomberg consensus (red triangle). NBER defined peak-to-trough recession dates shaded gray. Source: BLS, Bloomberg, and NBER.
The realized values of inflation — both core and headline — were below the Cleveland Fed’s nowcasts.
Source: Cleveland Fed, accessed 8/10/2022.
Bloomberg notes the drop in headline driven by gasoline. More discussion at CEA.
More By This Author:
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