Economic Report: U.S. consumer price inflation surprises to downside in July

Economists expect the CPI data to be released later Wednesday to be a “mixed bad,” according to Chris Low, chief economist at FHN Financial. Headline inflation is expected to retreat on lower gasoline prices. The focus will be on the core, which excludes food and energy. Economists expect a 0.5% gain, enough to lift year-on-year core inflation from 5.9% to 6.1%. The government will release the CPI data at 8:30 a.m. Eastern.