Well, The Federal Reserve finally got its wish: INFLATION!
U.S. consumer prices rose in July by more than expected on a bounce in auto and apparel costs. The so-called core figure, which excludes volatile food and fuel costs, climbed 0.6% from the prior month, the biggest surge in almost three decades, according to a Labor Department report Wednesday. The headline figure also increased 0.6%, following the same gain in June. The trend reflects a rebound in demand for goods and services from the depths of the pandemic-induced lockdowns earlier this year.
But on a YoY basis, core inflation rose only 1.6%.
But rent inflation fell to 2.8% YoY, the lowest since 2015.