Updated: 13-Jan-21 13:48 ET
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Updated: 13-Jan-21 13:48 ET |
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Highlights
- Total CPI increased 0.4% m/m in December (Briefing.com consensus 0.4%) while core CPI increased 0.1% m/m (Briefing.com consensus 0.1%).
- The uptick in total CPI was driven largely by an 8.4% increase in the gasoline index, which accounted for more than 60% of the overall increase.
Key Factors
- The food and food away from home indexes both jumped 0.4%.
- The energy index was up 4.0%.
- The shelter index rose 0.1%.
- The apparel index increased 1.4%, yet the indexes for used cars and trucks, transportation services, and medical care services declined 1.2%, 0.1%, and 0.1%, respectively.
Big Picture
- The key takeaway from the report is that it won't trigger inflation alarm bells in an aggregate sense. Total CPI is up just 1.4% yr/yr, versus 1.2% in November, while core CPI held steady at 1.2% yr/yr for the third straight month. The latter views notwithstanding, inflation worries -- both real and imagined -- promise to be a pressing issue throughout the year.
Category |
DEC |
NOV |
OCT |
SEP |
AUG |
All Items |
0.4% |
0.2% |
0.0% |
0.2% |
0.4% |
Food and Beverages |
0.3% |
-0.1% |
0.2% |
0.0% |
0.1% |
Housing |
0.2% |
0.3% |
0.1% |
0.1% |
0.2% |
Equivalent Rent |
0.1% |
0.0% |
0.2% |
0.1% |
0.1% |
Apparel |
1.4% |
0.9% |
-1.2% |
-0.5% |
0.6% |
Transportation |
1.4% |
0.3% |
0.0% |
1.0% |
1.3% |
Vehicles |
-0.4% |
0.0% |
0.4% |
2.5% |
1.9% |
Motor Fuel |
8.4% |
-0.4% |
-0.5% |
0.1% |
2.0% |
Medical Care |
-0.2% |
-0.1% |
-0.3% |
0.0% |
0.1% |
Educ and Commun |
0.1% |
0.0% |
0.1% |
-0.2% |
0.1% |
Special Indices |
|
|
|
|
|
Core |
0.1% |
0.2% |
0.0% |
0.2% |
0.4% |
Energy |
4.0% |
0.4% |
0.1% |
0.8% |
0.9% |
Services |
0.1% |
0.3% |
0.1% |
0.1% |
0.1% |