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Transitory? Consumer Prices Accelerate In April But Goods Costs Deflate

Courtesy of ZeroHedge. View original post here.

After producer prices rebounded in April, US consumer prices were expected to follow suit but while they did rise 2.0% YoY (slightly hotter than the 1.9% YoY gain in March), CPI was below expectations of a 2.1% rise.

This left both CPI and PPI annual gains at 2.0%…

Under the hood:

The report showed used-car prices slumped for a third month, dropping 1.3%, the most since September, while new vehicle prices rose 0.1%, less than the prior month.

Shelter costs, which make up about a third of total CPI, continued to underpin inflation. The index climbed 0.4% for a second-straight month, with owner's-equivalent rent rising 0.3%. On a year over year basis, shelter costs rose 3.8%, the highest since Sept 2017.

Overall, Consumer Goods prices are now deflating, down 0.2% YoY as Services prices upticked to +2.8% YoY…

Fed Chair Powell has suggested the too-low inflation will prove temporary as it is driven by “transitory” factors, and today's pick up in Core CPI (which rose a hotter than expected 2.1% YoY) may remove some of The Fed's patience.


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