The ISM Services Prices Paid Index rose 2.3 points to 72.6 in August. Since February, the index is up 9.6 points, the largest six-month increase since May 2025. The index historically leads CPI and core PCE by about six months. If the pattern holds, CPI could reach 6.0% from 3.4% and core PCE above 4.0% from 3.3%.
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