Month to month headline inflation was 0% and core inflation was 0.3%.
Headline inflation was 0% month to month. It increased 8.5% year over year in July slower than the 9.1% in June. The energy index down 4.6% in July, the gasoline index down 7.7%. The food index hasn't declined yet, but may in the coming months as global food prices continue to fall.
Core was up 0.3% month to month, a smaller increase than the previous three months, lowest increase since September 2021. It rose 5.9% year over year in July, unchanged from June. The shelter index went up, but slower than the preceding month. Airline fares and used cars fell.
The year over years look worse than the month to months actually were because the favorable base effects from the previous year ended.