US: Disappointing core CPI data – Nordea Markets
|Anders Svendsen, Research Analyst at Nordea Markets, explains that today was the second consecutive disappointment to US core CPI, which again came from core goods prices, while core services are still showing momentum.
Key Quotes
“Key numbers from the US CPI report for September:
- US core CPI increased 0.1% m/m (Nordea: 0.2% m/m, consensus: 0.2% m/m, last: 0.1% m/m), keeping core CPI inflation unchanged at 2.2% y/y.
- US CPI also increased 0.1% m/m, taking headline inflation down to 2.3% y/y in September from 2.7% in August.
- Details showed that apparel rebounded after a big drop last month, while the price index for used cars and trucks pulled core goods prices down. Medicare services prices also rebounded from last month’s fall.”
“US core CPI is losing momentum with both 3m/3m and 6m/6m back below 2% in annualised terms.”
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