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It's been a hot summer. But inflation is still cooling off. Today's June CPI report showed that the headline inflation rate rose 0.2% m/m and 3.0% y/y (chart). The core rate also rose 0.2% m/m and 4.8% y/y.
The core CPI inflation rate remains relatively high mostly because of its rent components. Excluding shelter costs, the core rate dropped to 2.7% y/y during June, while the headline rate plunged to just 1.7% (chart)!
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