US economy and stock market analysis: Chart of the week

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Inflation report offers some hope

July's Consumer Price Index (CPI)—which measures the average change over time in prices paid by urban consumers for a market basket of consumer goods and services—was better than expected for both the headline and core number. Headline CPI fell to an 8.5% year-over-year increase this July, down from the 9.1% year-over-year surge in June 2022. Lower fuel prices were a primary driver helping soften prices somewhat. Core CPI, which excludes food and energy and is widely used by economists because of the oftentimes volatile nature of food and gas, was flat at 5.9%. While the better-than-expected inflation data may give some credence to the "peak inflation" narrative, relatively high food and shelter costs remain a cause for concern that could keep the Fed on pace for continued rate hikes.

Source: FactSet, as of August 18, 2022.

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