If you look closely at July's Consumer Price Index data, there are hints that inflation might be starting to turn.
the Federal Reserve.
But the July numbers represent a downshift from the soaring inflation of May and June, which prompted a more hawkish Fed. Inflation was pulled down principally by a 7.7% drop in gasoline prices, which have continued to fall so far in August. Other sources of relief included airfare and rental car prices .July CPI numbers align with other recent data suggesting that inflation might be starting to turn, including falling prices for a wide range of commodities and a survey of Americans' expectations for future inflationMake no mistake, this relief is mild relative to the run-up in prices over the last year.
But "core inflation remains on an upward trajectory due to rising housing rental costs and service sector inflation pressures," he added.One month of relief beats the alternative. But we're a long way from being able to declare that the inflation crisis is over, and the Fed is unlikely to see the new numbers that way.
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