Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Consumer price inflation picked up in June, rising by 0.3% since May and 2.7% compared to one year ago. The faster price growth was largely anticipated by forecasters, as both the headline and core CPI increases were very close to our projections and the market consensus. Core goods prices rose 0.2% in the month, hinting at greater price pressures from the increase in tariffs on U.S. imports. Yet, core services inflation remained relatively tame, registering a 0.25% increase in June.