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A More Modest Moderation For Cleveland Fed Median CPI

US DATA
  • Contrary to core CPI falling from +0.71% to +0.31% M/M in July, the Cleveland Fed median CPI only dipped from the high for the cycle at +0.73% M/M to +0.52% M/M.
  • In doing so it’s close to the YTD average prior to that June spike.
  • Base effects meanwhile saw the Y/Y accelerate from 5.95% to 6.27% a fresh high of the cycle, vs 8.5% for headline and 5.9% for core.
  • On the other hand, the separate Atlanta Fed measure of sticky core inflation ex-shelter plateaued for the first time in Y/Y terms at 5.4%.

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