Core inflation over the past 12 months is close to 5%. Core inflation in June, 0.2%, was much below expectations and annualizes to 2.4%. In charts; The trail

Core inflation over the past 12 months is close to 5%. Core inflation in June, 0.2%, was much below expectations and annualizes to 2.4%. In charts; The trailing 12 month rate: https://fred.stlouisfed.org/graph/fredgraph.png?g=16YXk https://fred.stlouisfed.org/graph/fredgraph.png?g=16YXk The monthly rate (actually 0.156% in June so 1.9% annualized): https://fred.stlouisfed.org/graph/fredgraph.png?g=16YXN https://fred.stlouisfed.org/graph/fredgraph.png?g=16YXN