August 12, 2026

Inflation in the United States in July was +3.4% year-on-year

International

This morning, the Consumer Price Index (CPI) for July was released in the United States. The year-over-year change was +3.4%, in line with analysts' consensus and slightly below the +3.5% recorded in June. On a monthly basis, the CPI rose +0.1%, also in line with analysts' expectations, following a -0.4% decline the previous month. Meanwhile, the core inflation index, which excludes food and energy, registered a year-over-year change of +2.5%, in line with analysts' consensus and below the previous +2.6%, while on a monthly basis it advanced +0.2%, also in line with analysts' expectations, after remaining unchanged the previous month.

The main US stock indexes closed yesterday with moderate losses. The S&P 500 fell 0.3%, while the Nasdaq declined 0.6%, and the Dow Jones 0.3%. Year-to-date, the indexes have accumulated gains of 12.9%, 13.8%, and 11.9%, respectively.

Regarding bond yields, the US Treasury yield curve compressed yesterday. The 1-year Treasury note moved from 4.03% to 4.02%, while the 3-year note fell from 4.31% to 4.29%. Finally, the 10-year Treasury note fell from 4.71% to 4.69%.

Lastly, in commodities, gold registered a decline of 0.5%, settling at $4,370.3 per ounce. Soybean futures fell 0.9% to $421.6 per ton. Meanwhile, WTI crude rose 1.6% to $83.5, while Brent crude climbed 1.7% to $89.2.

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