U.S. consumer prices are expected to rise 0.1% month-over-month in July, according to institutional analysis, following a 0.4% decline in June. Core CPI, stripping out fuel and food, is forecast to gain 0.2% on the month and 2.5% year-over-year, the smallest annual increase since February. The projection comes after a weak July nonfarm payrolls report released on Friday, and slower inflation could help ease concerns inside the Federal Reserve, where three officials voted for a rate increase at the July 29 meeting. The upcoming CPI report may show energy price pressures cooling after they intensified in the months following the U.S.-Iran conflict that began in late February. Retail gasoline prices reached a nearly four-month low in early July before rebounding above $4 per gallon by month-end. The report may also indicate lower airfares as jet fuel costs stabilized.
Institutional analysts expect U.S. consumer prices to edge up 0.1% month-over-month in July, following a 0.4% decline in June, according to a ChainCatcher report. Core CPI, excluding fuel and food, is seen rising 0.2% from the prior month and 2.5% from a year earlier, marking the smallest annual gain since February.
The data lands after a soft July nonfarm payrolls print on Friday, and a slower pace of inflation could ease concerns within the Federal Reserve. Three officials voted to raise rates at the July 29 meeting. The report is likely to show energy price pressures cooling, after a sharp build-up in the months following the U.S.-Iran conflict that began in late February. Retail gasoline prices bottomed at a nearly four-month low in early July, then recovered above $4 a gallon by month-end. Airfares also appear to have declined as jet fuel costs stabilized.
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