The headline number was hotter than we, or the consensus, expected. But as expected, rising owners' equivalent rent added over 1% at an annual rate in January.
US CPI/PPI
US CPI/PPI
Wednesday, January 12, 2022
Year-on-year, CPI prints at a new cycle high at 7%. But for the month, inflation is only ("only") 5.8% on an annual basis. The first sign of "transitory"? No, wait, the word is part of the "the great resignation."
US CPI/PPI
Friday, December 10, 2021
The highest year-on-year CPI in 39 years. But at the moment, markets are okay with it because, at least, it's at expectations.
US CPI/PPI
Wednesday, November 10, 2021
A very hot inflation datapoint, dominated by energy and rent.
US CPI/PPI
Wednesday, October 13, 2021
As expected, "owner's equivalent rent" has awoken from its dormancy. It's the largest part of September's inflation, contributing 23% of the total rise in prices.
US CPI/PPI
Tuesday, September 14, 2021
Owners' Equivalent Rent is the hottest subcategory, and that's a concern for the future as rents catch up with property prices. But other than that, transitory inflation is looking transitory.
US CPI/PPI
Wednesday, August 11, 2021
The trajectory of CPI deflects a bit. Thank used cars -- last month they contributed 33 bp to a 90 bp bump in CPI. This month, only 1 bp out of 50 bp. See our new feature on page 2, a detailed look at what components are contributing what to CPI.
US CPI/PPI
Tuesday, July 13, 2021
The Fed is getting its wish -- CPI above its target trend level, at last. Owners' equivalent rent begins to tick up, an influential but lagging component.
US CPI/PPI
Thursday, June 10, 2021
A new monthly feature on page 2: tracking the Fed's "optimal control" of "transitory" inflation above the pre-pandemic trend and (hopefully) back down to it.
US CPI/PPI
Wednesday, May 12, 2021
If you didn't believe us before about the Phillips Curve, how about now? CPI at a decade-plus high with unemployment still at recession levels.