CPI

Consumer prices rose for the first time in three months in July, increasing 0.3% after a 0.1% decline in the previous month. Energy led the increase, gaining 2.6% in July after decreasing 2.9% in June.  Excluding volatile food and energy prices, the core CPI rate grew 0.1% after an increase of 0.2% in the previous month.  Compared to a year earlier, the headline price gauge was 1.2% higher, and core prices are up 0.9% over the same period.

Summary:  Inflation data remains benign, and this is likely to allow Fed policy makers to keep interest rates near zero for the foreseeable future.

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