Tl;dr: Headline and Core CPI printed ‘as expected’ (which is likely disappointing for the whisper numbers and remember the last CPI printed ‘cooler than expected’). Goods inflation continues to slow but Services inflation continues to soar (highest in over 40 years). Shelter costs continue to soar.
US consumers, the biggest economic force in the world, are rapidly altering their spending habits and where they get groceries due to persistently high inflation, 19 months of negative real wage growth, and threats of recession.
It’s that time of the month again. The ‘most important’ CPI print in history, since the last ‘most important’ CPI print, is expected to show some moderation in October data (but remains at extremely high historical levels in both headline and core), and it did just that and then some:
Rising costs have chipped away at most Americans’ standard of living. As inflation pressures continue, two-thirds of working adults said they are worse off financially than they were a year ago, according to a recent report by Salary Finance.
While the market’s volatility this week has been focused on UK pension funds and budgets and systemic risk, this morning’s US CPI print will likely determine the next leg from here with expectations for an acceleration in core inflation and small slowdown in headline growth of consumer prices.
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