081326 医疗通胀脉搏

关键论点

• 医疗保健PPI通胀环比放缓至0.12%，为2026年2月以来最低。
• 医疗保健价格直接计入PCE医疗保健价格，后者占整体PCE的17%和核心PCE的19%。
• 受控的医疗保健通胀可能会缓解美联储和市场的通胀担忧。
• SMBC预计整体PCE平减指数上涨0.15%，核心PCE平减指数上涨0.22%。

对应原文证据

1. July healthcare prices, as measured by today’s PPI report, slowed to a 0.12% MoM rate — the lowest since February 2026. · monthly
2. PPI healthcare prices are critical because they are a direct input into PCE healthcare prices where this component accounts for 17% and 19% of the headline PCE and core PCE deflators. · ongoing
3. Consequently, the Fed's preferred inflation data are likely to be contained and possibly ease some inflation anxieties at the Fed and in markets. · short-term