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/OUTLOOK: RBC CPI Preview

US DATA
RBC economists forecast "firm" but less robust CPI data tomorrow compared to June's "strong gains of 0.9% in both headline and core inflation, July CPI will seem a bit more modest as we expect gains of 0.6% and 0.5%, respectively," with key drivers still in place.
  • Firm energy prices will provide a slight boost on the headline vs. the more modest core forecast, but beneath the surface we still expect recent key drivers of inflation to be in play.
  • RBC said "this is especially true for shelter prices where we have seen an acceleration in its contribution to core inflation over the last few months (it contributed 0.2ppts to the sequential increase in core last month)."

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