July’s inflation report went about as well as the Fed (and the White House) could have hoped for. The Consumer Price Index (CPI) summary released Tuesday reported inflation notched up 0.2% in July, that’s down compared with the 0.3% increase in June. Over the past 12 months, this brings the headline inflation rate to 2.7%—admittedly still comfortably ahead of the Federal Reserve’s 2% target but the same level as it was in June. Shelter was the primary factor for the overall rise, the Bureau of Labor Statistics (BLS) said, rising 0.2% in July. Meanwhile, key categories such as the food index were largely unchanged, ... (full story)