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The Barclays Research Team is out with a sneak peek at what to expect from today’s US August CPI report slated for release at 1230 GMT.

Key Quotes:

“For the August CPI report, we forecast headline CPI to increase 0.3% m/m and 2.8% on a y/y basis.  

For core CPI, we forecast an increase of 0.2% m/m and 2.3% y/y.  

Core inflation has gradually picked up this year as the drag from core goods has diminished and core services inflation has ticked higher. We expect the US economy to continue to grow at an above-trend pace and spare capacity in the economy to be utilized over time. This should lead to a modest overshoot of inflation above the Fed’s 2% target.”

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