The disinflationary pressures continued to build in July, with both headline and core CPI increasing by a moderate 0.2% m/m. Admittedly, the annual headline inflation rate actually ticked up to 3.2%, from 3.0%, while the core rate only edged down to a still high 4.7%, from 4.8%. But those rates mostly reflect the still high rates of lagging shelter price inflation. Stripping out shelter as well, core prices fell by 0.1% m/m last month and the annual inflation rate was only 2.5%.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services