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With respect to today’s #inflation data, core #CPI (excluding volatile food and energy components) came in at 0.24% month-over-month and 4.04% year-over-year and was driven higher by strong increases in the #rent components, which have a tendency to be persistent.
Further, headline #CPI data printed at a solid 0.41% month-over-month and came in at 5.38% year-over-year.
In August we saw #inflation growth moderate further, for the second consecutive month, at least relative to the impressive rate of growth in #prices witnessed around mid-year.
Core #CPI (excluding volatile food and energy components) came in at 0.10% month-over-month and 3.98% year-over-year, which was considerably less than the consensus forecast and was driven higher by #shelter components.
Meanwhile, headline #CPI data printed at a solid 0.27% month-over-month and came in at 5.20% year-over-year.
Core #CPI surprised to the upside, driving a solid gain in headline #inflation as well. The strength in the July report was driven by components impacted by #Covid unwinding some of their previous large declines and bouncing back from depressed levels.
We saw solid gains in transportation services components, such as #airfares, motor vehicle #insurance and rental #cars, which reflect that bounce back.
The #monetary and #fiscal policy responses to the crisis have credibly bridged the #economic gap caused by the unprecedented lockdowns, yet as #inflation deficiencies were already present pre-Covid, it’s likely that #policy will need to remain supportive for some time.
