Read the highlights of this week's commentary from Helios:
The Consumer Price Index rose 9.1% from the year before, up from May’s 8.6% increase. Energy prices account for roughly half of the overall increase, with gasoline up 59.9% and overall energy up 41.6% over the year. Though core inflation slowed for the third consecutive month, rising 5.9% over the year, down from 6.0% in May and 6.5% in March
June’s retail sales rose 1.0%, coming back from the dip in May. While gas station spending surged in June with high gas prices, online shopping and furniture sales climbed back from their May decline.
Consumer sentiment rose in the early July survey, off of the record lows in June. Longer-term inflation expectations cooled, and current conditions jumped by the most since April 2021, likely buoyed by falling gas prices.
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