July 12, 2023
CPI (12m trailing inflation) announced this morning 3%. This was better than the 3.1% expected. It is also the lowest rate in over 2 years.
This makes the 13th consecutive month of declining inflation since peaked at 9.1% in June, followed by 8.5%, 8.3%, 8.2%, 7.7%, 7.1%, 6.5%, 6.4%, 6%, 5%, 4.9%, 4% and now 3%.
The CPI MoM was - 0.2%, better than 0.3 expected.
The Core CPI (excluding Volatile Food and Energy) was 4.8% for the past TTM, better then 5% expected.
Core CPI increased 0.2% for the month, better than 0.3% expected.
The Popular consensus (CME 90%), is for a 0.25% interest raise ahead in the next Fed meeting on July 26, mostly due to consistent low Unemployment rate.
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