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A%i Inflation <br />3.5% <br />3.0% <br />2.5% <br />0.5% <br />0.0% <br />-0.5% <br />Consumer Price Index (CPI) <br />CPI YOY % Change <br />Core CPI YOY % Change <br />Oc 7 ✓dam 7 - 4j� Oct 7 ✓dam 7 �7 JG />> <br />S S 6 6 6 6 > > <br />Source.' US Department of Labor <br />YOY( %) Change <br />3.5% <br />3.0% <br />2.5% <br />2.0% <br />1.5% <br />1.0% <br />0.5% <br />0.0% <br />-0.5% <br />Personal Consumption Expenditures <br />(PCE) <br />PCE Price Deflator YOY % Change <br />PCE Core Deflator YOY % Change <br />v4i oc �d� 9ar '7 <br />00r, �4i <br />75 7s 76 76 6 '76 7� 7> 7j <br />Source: US Department of Labor <br />The Consumer Price Index (CPI) was up 1.7% year -over -year in July, versus up 1.6% year -over -year in June. Core CPI (CPI less food <br />and energy) was up just 1.7% year -over -year in July, unchanged from the prior month. The Personal Consumption Expenditures (PCE) <br />index was up 1.4% year -over -year in July, unchanged from June. Core PCE (excluding food and energy) was up 1.4% year -over -year in <br />July, versus up 1.5% year -over -year in June. Inflation remains below the Fed's 2.0% target. <br />14 <br />