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).
More By This Author:
A Super Bowl Ticket Costs Roughly 11.7% Of The Median Household IncomeOctober 2023, The Month Streaming Costs Ballooned
Fed Says Bank Deposits Exploded Higher Last Week (As NYCB Hit The Fan)
Comments
Log in or sign up to join the conversation.