CPI Recovered Nearly All Losses During COVID-19 Shutdown
Washington, D.C. (PPD) — The Consumer Price Index (CPI) for final demand rose a seasonally-adjusted 0.6% in July, doubling the forecast in the largest gain since January. That large gain follows another 0.6% increase in July and June, recovering all but 0.1% of the total losses during the shutdown.
Forecasts for the CPI ranged from a low of 0.2% to a high of 0.5%. The consensus forecast was 0.3%.
On Tuesday, BLS reported the Producer Price Index (PPI) for final demand rose a seasonally-adjusted 0.6% in July, doubling the forecast and the largest gain since October 2018. That gain recovered all of the -0.2% and -0.4% readings in June and May, respectively.