Source: Economics Group of Wells Fargo Bank, N.A.
Summary
CPI inflation in June surged past what were already eye-wateringly high expectations, increasing 1.3% in the month. Even more troubling, the drivers behind the upside miss were broad-based and mostly in the “core” components. Core CPI inflation rose 0.7% in June despite consensus expectations for a downshift to 0.5% from the 0.6% print in May. Price gains for goods such as apparel and vehicles showed no signs of easing, while inflation for services such as shelter and medical care continued to grind higher. READ FULL ARTICLE>>