Highlights of the August US consumer price index
- Prior was 0.8% y/y
- Core CPI 2.3% vs 2.2% exp
- Prior core CPI +2.2% y/y
Month over month
- +0.2% vs +0.1%
- Prior +0.0%
- Core +0.3% vs +0.2%
- Prior core +0.1%
Everything was one-tick higher than expected. That will put a bit of sprite into the steps of the Fed hawks, especially that core y/y number.
However, if you strip out shelter, prices were up 1.54% year-over-year.
The US dollar has caught a bid on the headlines. Here's USD/JPY.
Drilling into the details, there are some details that make inflation even less of a problem than it seems. It's all about medical care and shelter. In terms of hard consumer 'goods' or services prices, there isn't any inflation.
