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“Today’s CPI report revealed that inflation beat market expectations once again and remains stable, underscoring President Trump’s commitment to lower costs for American families and businesses. The Panicans continue to be proven wrong by the data – President Trump’s tariffs are raking in billions of dollars, small business optimism is at a five-month high, and real wages are rising. The American people have rightfully put their trust in President Trump’s America First agenda that is Making America Wealthy Again.”
— White House Press Secretary Karoline Leavitt

Here’s what you need to know:

Since President Trump took office, inflation is tracking at 1.9% — low and stable.
Real average weekly earnings increased in July.
- Americans’ real wages are up 1.3% over last year and have increased each month since President Trump took office.
- Wage growth for American workers is beating inflation, while Americans are getting more hours at work.
Prices for everyday goods continue to decline — just in time for back-to-school shopping.
- Energy prices fell in July — including gasoline, which is down nearly 10% over last year, and propane, which is down 2.5% over last year.
- Egg prices fell once again in July and are down 20% since President Trump took office.
- Smartphones: -14.7% y/y
- Fuel oil: -2.9%
- Energy commodities: -9%
- Hotels: -4.8%
- Education & communication commodities: -4.3%
- Ship fares: -4.9%
- Propane: -2.5%
- Internet services: -2.4%
- Butter & margarine: -1.8%
- Nonprescription drugs: -1.8%
- Books: -1.8%
- Rice & pasta: -1.5%
- Frozen veggies: -2.2%
- Tinned fish: -1.3%
- Sports tickets: -1.1%
- Peanut butter: -3.3%
Shelter inflation — the largest contributor to overall inflation — is at its lowest level since October 2021.
Small business optimism reached a five-month high.
- Bloomberg: “Sentiment among US small businesses climbed to a five-month high in July as owners grew more upbeat about the economic outlook, fueling a pickup in expansion plans.”