Wells Fargo economists expect July US CPI to reinforce that the most severe inflationary impact from tariffs and the Middle East conflict is likely behind us. Price gains appear concentrated in a few categories rather than reflecting broad-based underlying pressure. Still, continued strength in some sectors suggests reaching the 2% inf target will remain a gradual process.

2026-08-12

Wells Fargo economists expect July US CPI to reinforce that the most severe inflationary impact from tariffs and the Middle East conflict is likely behind us. Price gains appear concentrated in a few categories rather than reflecting broad-based underlying pressure. Still, continued strength in some sectors suggests reaching the 2% inf target will remain a gradual process.