And this morning’s Consumer Price Index (CPI) data for June showed some signs of stabilization, with both core and total CPI inflation increasing noticeably last month, driven by a partial rebound in price categories that seemed most affected by social distancing in prior months (such as apparel, accommodation, and transportation services).
8 The median 5-to-10-year measure from the University of Michigan Surveys of Consumers and the median three-year-ahead expected inflation from the Federal Reserve Bank of New York’s Survey of Consumer Expectations both came in at 2.5 percent in June—well within their ranges in recent years.