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United States: Inflation holds steady in July
Latest reading: Inflation came in at 2.7% in July, matching June’s figure and below market expectations. Price pressures increased for transport but eased for shelter and energy.
The trend was unchanged, with annual average inflation coming in at June’s 2.6% in July. Meanwhile, core inflation ticked up to 3.1% in July from the previous month’s 2.9%, above market expectations.
Lastly, consumer prices increased 0.20% in July over the previous month, a smaller increase than June’s 0.29% rise.
Panelist insight: TD Economics’ Thomas Feltmate said:
“Core inflation gathered further momentum in July, rising by its fastest monthly pace since January and pushing the year-on-year measure back above 3%. Tariff passthrough continued to pressure goods prices higher with the breadth of categories now seeing price gains over the last three-months rising to 64% or the highest level since April 2023. But unlike prior months, firming goods prices were not offset by cooling services. This trend is likely to continue through year-end, keeping sustained upward pressure on core measures of inflation.”
