# July CPI: A Clean Inline Print, Disinflation Trend Intact

Published August 12, 2026 by Anaïs Howland, CFA.

July CPI landed broadly in line with expectations, while cooling shelter inflation kept the disinflation trend intact. Core measures continued to soften, and the release did not materially change the near-term Federal Reserve outlook.

## What this report covers

- Headline and core inflation trends
- Shelter and category-level drivers
- Rates, markets, and Federal Reserve implications

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