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August saw the first decline in core services prices (-0.0073% M/M) since April 2020; core goods the slowest since March 2021 (+0.3218% vs +0.4812% prior and +2.16% at the June peak).
- This is potentially key as services were seen picking up the baton from goods in terms of generating inflation as production bottlenecks eased and economic consumption turned more toward services. The Delta variant may be seen having played a role here.