US core CPI eased to 2.5% year-on-year in July, but core goods prices posted their largest monthly gain since September 2025, an early hint of tariff pass-through that complicates the Fed's easing path.
Core CPI's 12-month rate settled at 2.5% after a 0.2% July gain, matching forecasts and reinforcing the case for gradual disinflation without a near-term policy shift. Source
