July Inflation Undershoots Expectations | Econbrowser

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.

This entry was posted on by Menzie Chinn.