US CPI/PPI - 2024-05-14

A great report. A new low for core CPI ex-OER on a YOY basis. More than all April's inflation was explained by contributions from just four micro-categories -- take them out, and there was deflation last month (see page 6). And this month we introduce a new chart comparing OER to other housing-cost metrics (see page 12). Using the BLS's own micro-data, rent inflation for new tenants -- that is, renters who have negotiating power -- was barely even positive.