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Tuesday, July 16, 2019 6:46:51 PM EDT

CPI Updated 11-Jul-19 09:39AM ET

Total CPI increased 0.1% m/m in June ( consensus 0.0%) while core CPI, which excludes food and energy, rose 0.3% ( consensus +0.2%).

On a yr/yr basis, total CPI was up 1.6%, versus 1.8% in May, while core CPI was up 2.1%, versus 2.0% in May.

The energy index declined 2.3% m/m and was the main weight on total CPI. The food index was unchanged in June.

A 0.3% increase in the shelter index was a big driver of the uptick in core CPI, along with the indexes for used cars and trucks (+1.6%), apparel (+1.1%), and medical care services (+0.4%).

The 0.3% m/m increase in core CPI was the largest increase since January 2018.

The key takeaway from the report was that the yr/yr uptick in core CPI should seemingly diminish the prospect of a 50-basis points rate cut at the July meeting.
All Items0.1%0.1%0.3%0.4%0.2%
Food and Beverages0.1%0.3%-0.1%0.2%0.4%
Equivalent Rent0.3%0.3%0.3%0.3%0.3%
Motor Fuel-3.6%-0.5%5.7%6.5%1.5%
Medical Care0.3%0.3%0.3%0.3%-0.2%
Educ and Commun0.1%0.1%0.1%0.1%0.2%
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