CPI Prints Hotter Than Expected In January As Food & Utilities Jumped
Expectations were for a big drop in the YoY consumer price index (from +3.4% to +2.9%) but instead, it surprised to the upside (just as we warned) with a +3.1% YoY print for headline CPI (spoiling the sub-3% partiers). Consumer prices rose 0.3% MoM (more than the 0.2% exp) but the headline did decline from +3.4% to +3.1% YoY...
Source: Bloomberg
Core CPI fell below 4.00% YoY for the first time since May 2021, but the +3.86% YoY print was hitter than the 3.7% exp (with prices rising 0.4% MoM - th ebiggest jump since April 2023)...
Source: Bloomberg
Core Service inflation picked up...
Source: Bloomberg
Under the hood, food and Energy services costs jumped MoM along with transportation services...
(Click on image to enlarge)
Source: Bloomberg
Finally, as a reminder, lower inflation does not mean lower prices.
Source: Bloomberg
The actual index of consumer prices hit a new record high this month - and is up 17.5% since President Biden's term began (it was up 8% over President Trump's full four year term).
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