July CPI Dip Marks First Monthly Decline Since January
The July CPI index declined 0.01% month-over-month, marking the first monthly drop since January and signaling that disinflationary momentum is regaining strength after stalling in the second quarter. This modest pullback is notable because core components, shelter and services, are finally decelerating while goods inflation remains subdued. The August unemployment rate held at 4.1% for the second consecutive month, suggesting the labor market is stabilizing rather than deteriorating. PPI's 0.70% monthly decline points to easing upstream cost pressures that should feed through to consumer prices in coming months.
Key Takeaways CPI declined 0.01% month-over-month in July, the first monthly dro…
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