July CPI inflation comes in slightly below expectations.
U.S. consumer prices stabilized in July as energy prices fell, leaving the yearly gain in the CPI at 8.5%, below market expectations for an 8.7% gain, the Labor Department said on Wednesday.
Core inflation climbed 0.3% on the month and 5.9% on a year-over-year basis. Energy prices tumbled 4.6% last month while the owners' equivalent rent measure of housing costs surged 0.6%.
St. Louis Fed President James Bullard on Tuesday told MNI's FedSpeak podcast it was too soon to say whether U.S. inflation has peaked given that previous such calls had proven premature.