With the Biden administration already setting the narrative yesterday that today’s inflation print could be ‘high’, and expectations for a headline print of +7.9% YoY (from +7.5% YoY in January), the bar was high for any surprises and the headline print came in right in the dot at +7.9% YoY – the highest since Jan 1982.
Source: Bloomberg
That is the 21st straight month of MoM (non-transitory) increases in consumer prices, with Energy (and Services) dominating the recent surge…
Source: Bloomberg
On a MoM basis, Energy and Services costs also dominated the increases…
Source: Bloomberg
One thing of note… one tiny sliver of hope… Used Car prices fell very modestly in February…
But, in the interest of balance, the costs of a roof over your head are exploding higher…
- March shelter inflation 4.74%, up from 4.36% in Jan and the highest since May 1991
-
March rent inflation 4.17%, up from 3.76% and the highest since July 2007
Source: Bloomberg
Core CPI rose 6.4% YoY in February (in line with +6.4% expectations and well above +6.0% in January)
Source: Bloomberg
Finally, and to many, most importantly, real wages (average hourly earnings) dropped on a YoY basis for the 11th straight month…
Source: Bloomberg
So the next time the Biden admin tries to tell you to be grateful that your wages are rising, show them that chart!
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