---
title: US inflation continued to cool in July, broadly in line with expectations.
description: "US CPI confirms disinflation is continuing, not accelerating.\n\nHeadline CPI: 0.1% MoM, in line with 0.1% consensus\n\nCore CPI: 0.2% MoM, in line with expectations\n\nHeadline CPI: 3.4% YoY, unchanged\n\nCore CPI: 2.5% YoY, down from 2.6%. Lowest since March 2021.\n\nReal average hourly earnings: +0.2% YoY\n\nEnergy fell 1.5% in July, and gasoline dropped 2.9%. Core goods inflation remained contained at 0.2% YoY.\n\nThere is no inflationary case for a rate hike. At least at this stage. \n\nThe absence of an upside inflation surprise was enough to reassure markets, with US equity futures moving higher following the release.\n\nOn the less positive side: \n1/ Inflation is still above target\n2/ Further relief might be difficult to achieve if war in Iran keeps going \n\nSource. Daniel Lacalle"
---

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# [US inflation continued to cool in July, broadly in line with expectations.](https://blog.syzgroup.com/syz-the-moment/us-inflation-continued-to-cool-in-july-broadly-in-line-with-expectations)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Aug 13, 2026, 2:48:07 PM

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