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.
That is the 21st straight month of MoM (non-transitory) increases in consumer prices, with Energy (and Services) dominating the recent surge…
On a MoM basis, Energy and Services costs also dominated the increases…
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
Core CPI rose 6.4% YoY in February (in line with +6.4% expectations and well above +6.0% in January)
Finally, and to many, most importantly, real wages (average hourly earnings) dropped on a YoY basis for the 11th straight month…
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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