July U.S. inflation: Unexpectedly slower rise even through service prices are included

Because the prices of energy and other commodities were declining, we had some expectation that the Composite Index would fall to some extent.

What surprised me was that the growth rate of service prices, which reflect wage trends, had fallen significantly.

With this, the market thought that the Fed's rate hikes would be quite accommodative.
Interest rates fell, the dollar declined, and stock prices rose (monetary tightening eased ⇒ P/E ratio rose).

However, it is unclear whether this trend would continue.
Airfares and the like are declining, but I don't think this will continue.
Indeed, it would be difficult unless the wage growth rate declines quite a bit.

Even so, the Fed would have time to think.
The conclusion is suspended.

Because energy and other commodity prices were declining, we had some expectation that the Composite Index would fall to some extent

What surprised me was that the growth rate of service prices, which reflect wage trends, had fallen significantly.