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YOY (%) Change <br />INFLATION <br />10.0% <br />9.0 % <br />8.0 % <br />7.0 % <br />6.0 % <br />5.0 % <br />4.0 % <br />3.0 % <br />2.0 % <br />1.0 % <br />0.0 % <br />1 <br />Consumer Price Index (CPI) <br />CPI YOY % Change <br />Core CPI YOY % Change <br />�• • <br />• <br />• <br />•* • <br />• <br />• <br />10 m00% 10 16 �Pb 4/0 �Pb <br />'79 O co I �1 c) c2 0) <br />Source: US Department of Labor <br />YOY (%) Change <br />10.0% <br />9.0 % <br />8.0 % <br />7.0 % <br />6.0 % <br />5.0 % <br />4.0 % <br />3.0 % <br />2.0 % <br />1.0 % <br />0.0 % <br />CM <br />CHANDLER <br />ASSET MANAGEMENT <br />Personal Consumption Expenditures (PCE) <br />PCE Price Deflator YOY % Change <br />- - - PCE Core Deflator YOY % Change <br />Fed Target <br />Source: US Department of Commerce <br />In August, the Consumer Price Index (CPI) rose 0.2% month -over -month and 2.5% year -over -year, down from 2.9% in July, largely due to a <br />drop in gasoline prices. The Core CPI, which excludes volatile food and energy components, rose more than expected in August by 0.3% <br />month -over -month and 3.2% year -over -year. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and <br />2.2% year -over -year in August. The Core PCE deflator (the Fed's preferred gauge) increased 0.1% month -over -month and 2.7% over the <br />past year, still above the Fed's 2% inflation target. Much of the lingering inflation has been driven by shelter costs and demand for <br />services, but recent data provide confirmation that inflation is moderating. <br />6 <br />25/87 <br />