Normally to determine inflation the Consumer Price Index (CPI) and Producer Price Index (PPI) are the most widely reviewed reports that give a broad look at inflation numbers for the consumer and producer. Another way to analyze inflation is to review the Employment Cost Index that comes out quarterly and monthly Personal Income report.
The second quarter of the Employment Cost Index came in at .6% down from the estimate of .7% and down from the first quarter of .8%. Personally Income for the month of June stayed steady at .4% which was expected and the same as May’s.
These numbers are increases but there is no sign of anything getting out of hand. The FED is an inflation hawk, and a major part of the reason they are raising interest rates is to prevent runaway inflation. At this point inflation is at the level they say they want.