The consumer price index, due out from the Labor Department early Thursday, should show just a modest monthly gain in July, even as the annual CPI inflation rate moves higher. Core CPI prices also are expected to be relatively tame, with the yearly increase set to stay stubbornly high. But the inflation figures aren’t expected to alter Federal Reserve policy.
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The S&P 500 has been pulling back ahead of the CPI inflation report, but is still near 52-week highs.
CPI Inflation Forecasts
Economists expect July’s CPI to climb 0.2% vs. the prior month, after a similar gain in June. Core CPI, which excludes food and energy, also should rise 0.2% vs. June.
The annual CPI inflation rate, however, is expected to pick up to 3.3% from June’s 3%. That reflects flat prices in July 2022. The core inflation is seen holding at 4.8%.
The average hourly wage rose a solid 4.4% in June vs. a…
