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Tariffs are not leading to more inflation after all, which won't make CNN or MSNBC happy.
The Bureau of Labor Statistics on Tuesday said that the CPI for July rose 0.2% in July compared with last month, while it was up 2.7% from a year ago. The monthly figure was in line with the estimate of economists polled by LSEG, while headline was cooler than the 2.8% expected.
So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.3% from the prior month and 3.1% from a year ago. Those annual core figure was hotter than economists' expectations, while monthly was in line.