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July 12, 2023
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Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases
The big news of the day is the latest CPI report. To quote CNBC: "Inflation fell to its lowest annual rate in more than two years during June... The Consumer Price Index increased 3% from a year ago, which is the lowest level since March 2021." The monthly increase was slightly better than industry estimates. This is being viewed as a sign inflation continues to cool, while still above the Fed's 2% target. That being said, there are some areas where inflation remains stubborn, specifically shelter costs, which accounts for roughly one-third of CPI. The shelter index, a somewhat lagging indicator, was up 7.8% year-over-year. The index's 0.4% monthly gain "accounted for about 70% of the increase in headline CPI, the Bureau of Labor Statistics said." Click the link below to read more about the latest CPI report and to see how the markets are reacting to the news. Disclosure: This is being provided solely for informational and illustrative purposes, is not an offer to sell or a solicitation of an offer to buy any securities. The factual information given herein is taken from sources that we believe to be reliable but is not guaranteed as to accuracy or completeness. Opinions expressed are subject to change without notice and do not consider the particular investment objectives, financial situation or needs of individual investors. Past performance is not indicative of future results, and future returns are not guaranteed. There are risks associated with investing in stocks, such as a loss of original capital or a decrease in the value of your investment. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed here. For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.
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