US July CPI +8.5% y/y vs +8.7% expected

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• Prior was 8.3% y/y
• 0.0% m/m vs +0.2% expected and +1.3% prior

Core CPI:

• 5.9% y/y vs 6.1% expected and 5.9% prior
• +0.3% m/m vs +0.5% expected and +0.7% prior

Details:

• CPI energy -4.6% vs +7.5% prior
• Gasoline -7.7% vs +11.2% prior
• New vehicles +0.6% vs +0.7% prior
• Used vehicles -0.4% vs +1.6% m/m prior
• Owners’ equivalent rent +0.6% m/m vs +0.6% prior
• Food +1.1% vs +1.0% prior
• Real weekly earnings +0.5% vs -1.0% m/m prior

The US dollar has fallen hard on these headlines.