{"id":1483560,"date":"2024-08-14T12:43:08","date_gmt":"2024-08-14T16:43:08","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1483560"},"modified":"2024-08-14T12:43:08","modified_gmt":"2024-08-14T16:43:08","slug":"core-consumer-prices-hit-new-record-high-up-for-50th-straight-month","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/core-consumer-prices-hit-new-record-high-up-for-50th-straight-month\/1483560\/","title":{"rendered":"Core Consumer Prices Hit New Record High – Up For 50th Straight Month"},"content":{"rendered":"

Core Consumer Prices Hit New Record High – Up For 50th Straight Month<\/span><\/p>\n

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Following last month’s ‘deflationary’ print (-0.1% MoM), analysts expected headline CPI to rise 0.2% MoM and they were spot on, shifting the YoY CPI print to 2.9% (from 3.0%) – the lowest since March 2021…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Goods deflation continues to drag overall CPI lower…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

For context, Goods prices are down 1.9% YoY – the biggest deflationary impulse since 2004.<\/strong> Services prices continue to rise YoY but at the slowest pace since 2022…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The 3m and 6m annualized CPI rates continue to trend lower (with Energy a particularly volatile factor)….<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Core CPI <\/strong>also rose 0.2% MoM (as expected), and the YoY rate of inflation slowed to 3.2% (from 3.3%) – the lowest since April 2021<\/strong>…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

While Core CPI is slowing YoY, the Core goods deflation appears to have stalled…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

However, that is the 50th straight month of MoM increases in Core CPI, and a record high…<\/strong><\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Under the hood, used car prices fell 2.3% along with airline fares (-1.2%) while Car insurance costs jumped 1.2% and furniture prices rose 0.3%…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Perhaps more worrying is the fact that rent inflation has stopped falling…<\/p>\n

July Shelter inflation up 0.33% MoM and up 5.05% YoY vs 5.16% in June<\/p>\n

July Rent Inflation up 0.42% MoM and up 5.09% YoY vs 5.07% in June<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Finally, the so-called SuperCore CPI rose 0.2% MoM (same as the rest), dragging the YoY down to 4.73% (still notably elevated)…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Transportation Services jumped notably MoM..<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

So, is this ‘good’ news or bad news?<\/p>\n

Finally, money supply growth is reaccelerating…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Is this the trough for CPI?<\/strong><\/p>\n

As Bloomberg notes, while the pace of inflation has come down, its still growing, and consumers in the New York-Newark-Jersey City, NY-NJ-PA metro, and the Dallas area still are dealing with inflation in excess of 4% — the highest among large metro areas<\/strong> in the US.<\/em><\/p>\n

Will The Fed really cut rates as rent inflation inflects higher for the first time since 2023?<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 08\/14\/2024 – 08:43<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/core-consumer-prices-hit-new-record-high-50th-straight-month<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Core Consumer Prices Hit New Record High – Up For 50th Straight Month Following last month’s ‘deflationary’ print (-0.1% MoM), analysts expected headline CPI to…<\/p>\n","protected":false},"author":0,"featured_media":1483561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1483560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1483560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1483560"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1483560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1483561"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1483560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1483560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1483560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}