Inflation Increment

Inflation for the year ending 7/23 as measured by the CPI rose from 3% to 3.2%. While that appears to be a setback, core CPI ticked down from 4.8% Y-o-Y in June to 4.7% Y-o-Y in July, its best reading since 4.6% during 10/21. Better yet, the three-month annualized rate of core CPI is just 3.1%, its lowest reading since 3% in 9/21. The Fed will not raise on 9/20/23.