After finally declining in June, giving the Federal Reserve hopes of pulling off a soft landing at last, one of the central bank's preferred inflation measures was back on a precipitous rise in July. Headline PCE inflation rose by 3.3% in the year ending in July, up from 3% in June. For the first…
After finally declining in June, giving the Federal Reserve hopes of pulling off a soft landing at last, one of the central bank's preferred inflation measures was back on a precipitous rise in July. Headline PCE inflation rose by 3.3% in the year ending in July, up from 3% in June. For the first time since January, core PCE inflation, perhaps the most important inflation measure for the Fed, increased to 4.
Dig into the details, and the data only becomes more disappointing. Core services sans housing, a favored inflation measure of both the Fed and the White House, accelerated to a staggering 4.7% in the 12 months ending in July, up from 4.1%. This defies the claim of Raphael Bostic of the Atlanta Fed that"stubborn housing services prices" are solely responsible for core inflation not falling to the Fed's benchmark.
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