US CPI inflation rises slightly

Rising shelter prices cause more than 90% of increase, but SF Fed predicts they will fall


US consumer price index (CPI) inflation rose slightly in July, to 3.2% year on year, up from 3% in June.

Core CPI inflation also rose, from 4.5% to 4.7%. The increase is the first since CPI inflation peaked in June 2022, but was lower than many economists and market forecasters predicted.

Almost the entire increase derived from higher shelter prices, “accounting for over 90 percent of the increase”, the US Bureau of Labor Statistics reported on August 10. Energy prices have fallen sharply in

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