The U.S. June CPI report was only a little better than expected as energy held down the overall gain, and recent trends for higher medical and clothing costs remain in place.   June CPI printed flat, but core was up 0.2% in the fourth such monthly gain. This resulted in rates of +1.7% overall and +2.2% core over the year.

Food posted +0.2% as fruit and meat prices rose, but cereals and dairy fell. All six major grocery groupings have risen in the last 12 months.

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