Calm down everybody. Without energy, YOY CPI isn't even 2%.
US CPI/PPI
US CPI/PPI
Wednesday, March 10, 2021
CPI at its highest reading in a year. Next month will be really weird, when the year-on-year comparable will be the deflationary lockdown.
US CPI/PPI
Wednesday, February 10, 2021
Year over year CPI took a tiny uptick and missed expectations. But recent months are running hotter, all the more so if you back out owner's equivalent rent.
US CPI/PPI
Wednesday, January 13, 2021
Calm down! December CPI grew at a 4.5% annual rate. But energy grew at 60.9%, thanks to rising oil prices. Take that out, and CPI grew only 1.5%.
US CPI/PPI
Thursday, December 10, 2020
We're expecting a big transient bump in inflation next year, but we're sure not seeing it in today's data other than in energy.
US CPI/PPI
Thursday, November 12, 2020
The recovery momentum for US inflation has slowed as oil prices have stalled.
US CPI/PPI
Tuesday, October 13, 2020
3-month annualized core CPI slows -- slows! -- to 4.9%, 1-month to 2.3%. The Fed seems to have gotten it pretty right.
US CPI/PPI
Friday, September 11, 2020
If you take energy out, CPI is now +2.1 year-on-year -- pretty much on the Fed's target (and if you blinked, you missed that deflation earlier in the year).
US CPI/PPI
Wednesday, August 12, 2020
Nice shooting, Chair Powell. Excluding energy, US CPI is entirely back to trend.
US CPI/PPI
Tuesday, July 14, 2020
As in 2008-2009, energy dominates CPI and clouds the real dynamics. If you take energy out, CPI only fell in March and April, and has risen in May and June -- it's now at all-time highs.