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Tonight's CPI, the predicted data for the 4 CPI ratios is slightly higher than last month's.
I looked at the non-farm data from July 3rd, and both the annual and monthly wage data were slightly lower than expected, and also lower than last month's data.
On one hand, the predicted CPI is slightly higher than last month, while on the other hand, considering the impact of wages on the composition of prices, the annual and monthly wage rates are declining, suggesting that tonight's CPI might be better than expected.