Shelter Costs Drove 90% of US CPI Increase in July

The increase was majorly driven by shelter costs, which constituted a whopping 90% of the July increment. This might be a good thing for inflation measures, as rent increases in the real world are already easing, and the CPI index is merely catching up. This report gives the Federal Reserve more data to consider before their upcoming meeting, hinting at a generally favorable direction for inflation, despite the predominant role of a single weakening category.