US Consumer Price Index (CPI) for January 2023
We just got the latest US CPI numbers from the US Bureau of Labour Statistics (BLS)!
Highlights:
- Headline CPI came in at +6.4% y-o-y (lower than the +6.5% in Dec’22)
- Core CPI came in at +5.6% y-o-y (lower than the +5.7% in Dec’22)
- Super Core CPI (excluding shelter) came in at +0.3% m-o-m (lower than the +0.4% m-o-m in Dec’22)
Notable individual items:
- Energy prices increased +2.0% m-o-m (higher than the -3.1% m-o-m in Dec’22); mainly attributable to the rise in utility gas and fuel oil prices
- Shelter prices increased +0.7% m-o-m (lower than the +0.8% m-o-m in Dec’22)
- Transportation services prices increased +0.9% m-o-m (higher than the +0.6% m-o-m in Dec’22)
- Used cars and trucks prices declined -1.9% m-o-m (higher than the -2.0% m-o-m in Dec’22);
Previous contributor to disinflation such as prices of used cars and trucks have turned higher, and the Manheim Used Vehicle Value Index (UVVI) shows an uptick of the used vehicle prices, hence further disinflation from this segment is unlikely.
Overall, the US CPI came in hotter than expected and that gives us a hint that inflation remains resilient and the disinflation process is starting to slow down. Coupled along the monstrous addition of 517,000 nonfarm payroll, we can expect the US Federal Reserve to continue its hawkish tone and possibly stretch the terminal rate higher than 5.25%.
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Expendabiggles : What people don’t understand is this 6.4% is HIGHER than it was last year at this time!
H I G H E R. Get it?? And this is if you even believe this low ass corny number when cars to eggs are up 300%.
Ziet InvestsOP Expendabiggles: 100%. Still a high inflation number, albeit disinflation has begun.