This morning’s data from the Labor Department on the Consumer Price Index was released for July, and the inflation hawks out there are going to have to keep saying “It’s coming” rather than “See, it’s here.”  While some prices are expected to be higher in the next couple of months, we still have a flat level of inflation.  The consumer prices were flat, or 0.0% changed, on the headline data. The core rate, removing food and energy, came in at a reading of +0.1%.  Effectively, these numbers were very much in-line with expectations.  Inflation may be on the way, but so far it isn’t here yet.

Jon C. Ogg