Although July CPI print was good (0.5% vs. forecast 0.3%), it’s still 1.5% away from a healthy 2%.
Core CPI (excl. food & energy) was 0.4% yoy.
Pork was helping CPI (+20.4% yoy in July), especially in the last 3 month – although it’s more due to limited supply, rather than strength in demand.
