August 12, 2025 01:04 PM GMT US Inflation Monitor | North America Morgan Stanley & Co. LLC July CPI: Gradual tariff pass- through continues CPI came in aligned with expectations, with core rising by 0.32% m/m (MS: 0.32%) and headline by 0.20% (MS: 0.25%). This leaves core at 3.06% and headline at 2.70% y/y. We now forecast core PCE inflation increased 0.29%m/m in July (0.26% in June). | M July CPI: Gradual tariff pass through continues | Chief US Economist Michael.Gapen@morganstanley.com Economist Diego.Anz ...