An Economic Deep Dive
US inflation dropped in the headline, but core inflation re-accelerated.
We take a deep dive on the full economic picture.
US Inflation has continued to move lower. However, the core CPI remained firm, with higher energy prices still to hit in coming month’s.
Markets initially leapt higher on the back of the better than expected drop in the headline data.
Monthly inflation fell from 0.4% to 0.1%, and to 5.0% for the year. The yearly drop was of course expected.
The real story though was in the detail of the report. Never judge a book by it’s cover. While it was good to see Shelter price pressures moderating, the fact that this data release only including the previous significant declines in gasoline and natural gas prices, is a major cause for concern over what may be coming next month.
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