Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%

Summary

CNBC's Rick Santelli breaks down July CPI data, which matched expectations with a 0.1% monthly rise and 3.4% annual headline rate, while core CPI held at 2.5% year-over-year. He notes the headline CPI index moved slightly lower from recent highs but the core index hit a new record, and that the Fed is still not at its 2% objective.

• July CPI rose 0.1% month-over-month and 3.4% year-over-year, both in line with expectations.
• Core CPI came in at 0.2% monthly and 2.5% annually, unchanged from the prior month's year-over-year reading.
• The headline CPI index of 333.91 was below the May all-time high of 335.37, indicating a slight easing.
• The core CPI index reached a new all-time high at 336.78.
• Interest rates moved up marginally, with 10-year yields around 4.665% and 2-year yields around 4.20%.
• The dollar was at a three-and-a-half-year low versus the Chinese yuan.
• Santelli remarks that inflation is still not at the Fed’s 2% target, and references AI-related issues before the transcript cuts off.