Updated: 12-Mar-24 09:25 ET
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Updated: 12-Mar-24 09:25 ET |
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Highlights
- Total CPI was up 0.4% month-over-month, as expected, but core CPI, which excludes food and energy, was up 0.4% month-over-month as well (Briefing.com consensus 0.3%). These readings left total CPI up 3.2% year-over-year, versus 3.1% in January, and core CPI up 3.8% year-over-year, versus 3.9% in January.
- Once again, the index for shelter (+0.4%) was the largest factor in the monthly increase for core CPI and it accounted for roughly two thirds of the year-over-year increase. Excluding shelter, CPI was up just 1.8% year-over-year.
Key Factors
- The food index was unchanged month-over-month and up 2.2% year-over-year.
- The energy index was up 2.3% month-over-month and down 1.9% year-over-year.
- The used cars and trucks index was up 0.5% month-over-month and down 1.8% year-over-year.
- The apparel index was up 0.6% month-over-month and unchanged year-over-year.
- The all items index less food, shelter, and energy was up 0.3% month-over-month and up 2.2% year-over-year.
Big Picture
- The key takeaway from the report is the isolated impact of the shelter index, which is expected to lessen in coming months given the moderation in rent prices; therefore, the market is willing to look past the headline disappointment for core CPI.
Category |
FEB |
JAN |
DEC |
NOV |
OCT |
All Items |
0.4% |
0.3% |
0.2% |
0.2% |
0.1% |
Food and Beverages |
0.0% |
0.4% |
0.2% |
0.2% |
0.3% |
Housing |
0.4% |
0.6% |
0.3% |
0.4% |
0.3% |
Equivalent Rent |
0.4% |
0.6% |
0.4% |
0.5% |
0.4% |
Apparel |
0.6% |
-0.7% |
0.0% |
-0.6% |
0.0% |
Transportation |
1.4% |
-0.6% |
0.1% |
-0.2% |
-0.7% |
Vehicles |
0.6% |
-1.4% |
-0.3% |
0.9% |
-0.3% |
Motor Fuel |
3.8% |
-3.3% |
-0.6% |
-4.0% |
-4.3% |
Medical Care |
0.0% |
0.5% |
0.4% |
0.5% |
0.2% |
Educ and Commun |
0.4% |
0.4% |
0.1% |
-0.3% |
-0.2% |
Special Indices |
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Core |
0.4% |
0.4% |
0.3% |
0.3% |
0.2% |
Energy |
2.3% |
-0.9% |
-0.2% |
-1.6% |
-2.1% |
Services |
0.5% |
0.7% |
0.4% |
0.5% |
0.3% |