The breadth of US inflation pressure narrowed

The US inflation report today was hot but the market has struggled to parse it. The core reading rose 0.4% month-over-month compared to 0.3% expected but a closer look shows it rose 0.358%, just barely above the rounding cutoff. The Fed’s preferred core measure – services CPI less energy and home rent registered rose 0.5% in February after the 0.8% rise in January. That's slightly better but hardly cool. Still RBC says that there is a silver lining in the report."Details weren’t as concerning as the broadly-based upward surprise in January inflation data, but were still strong," economists at RBC write.They note that food inflation fell to the lowest since May 2021 at +2.2% y/y wit

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Last updated : 12 March 2024 clock 05:45 PM

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