• The 0.2% number matched the consensus estimate, so no surprise for investors.
• Non-seasonally adjusted inflation continued a trend of strong increases; it’s up 1.22% over three months.
• Core inflation is up 2.3% over the last 12 months, certainly not ‘deflationary.’.

As usual, I posted my analysis over at SeekingAlpha.com, so please read it there.

In addition, you can use this link to see the new CPI indexes for all TIPS. June’s inflation numbers set the inflation indexes for August. June’s number continues a series of strong increases in non-seasonally adjusted inflation, which is up 1.22% since March.