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CUNA Senior Economist Dawit Kebede issued the following statement in response to the Labor Department’s July Consumer Price Index (CPI) Report:
"The Consumer price index for headline and core items increased by 0.2% in July, the same slower pace as in June. The headline inflation over the last 12 months ticked up from 3% last month to 3.2% as expected. This increase is mainly due to comparison a lower base with July prices last year when monthly inflation remained flat.
"The Index for housing is still the largest contributor to the monthly increase accounting for 90% of the headline change. The price for several items such as air fares, used and new trucks, medical care, communications, and household furnishing declined in July.
"This report indicates that inflation continued to cool down. The annualized inflation measure of the average for last three months which excludes lagged housing is about 2%. Another indication that prices are going in the direction of the Federal Reserve's target."