US DATA: June CPI flat, but core +0.2% (the 4th such monthly gain)
for +1.7% YOY overall and +2.2% YOY core. Food +0.2% as fruits & meats
rose, cereals & dairy fell. Energy -1.4% as gas -2.0% (-6.1% NSA so
seasonals cut the drop), fuel oil fell, and elec -0.5% on severe SA.
Core incl med care +0.6% (largest since Sept’10 as hospital costs &
physicians bills jumped, and a second large gain), apparel +0.5% in a
4th gain, new vehicles +0.2% in a 5th gain (NSA flat so all in the
seasonal). Used cars were flat. Recreation +0.3% as film, newspapers,
sports vehicles jumped; tobacco +0.4% possibly reflecting new tax in
Illinois. OER +0.1%. Overall, CPI was a little better than expected.