Research Brief: Inflation – July 2025

Rising CPI reinforces Fed caution. Inflation showed early signs of tariff-related pressure in June, with headline CPI rising to 2.7 percent year over year and core CPI reaching 2.9 percent. The pickup in core goods prices suggests that cost pass-through is beginning to take hold in categories directly exposed to trade measures, such as appliances, consumer electronics, sporting goods and toys…

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