😬Inflation increased on a year-over-year basis for the first time in 13 months
🔥 But the details show it's probably a mirage
⛽ Energy prices picked up
⛵But services inflation ex-rent is still right around 3%
🏔This may not force more rate hikes https://t.co/HSx2oiW7N8twitter.com/i/web/status/1…
OK...some details:
The increase in headline inflation was mostly from energy prices picking up
Contributions to YOY CPI, per Bloomberg:
So those higher gas prices you've noticed?
They're contributing to an increase in CPI.
Higher prices suck, but they're not the type of inflation the Fed cares about these days