CPI Prints Hotter Than Expected In January As Food & Utilities Jumped

Expectations were for a big drop in the YoY consumer price index (from +3.4% to +2.9%) but instead, it with a +3.1% YoY print for headline CPI (spoiling the sub-3% partiers). Consumer prices rose 0.3% MoM (more than the 0.2% exp) but the headline did decline from +3.4% to +3.1% YoY…Source: BloombergCore CPI fell below 4.00% YoY for the first time since May 2021, but the +3.86% YoY print was hitter than the 3.7% exp (with prices rising 0.4% MoM – th ebiggest jump since April 2023)…Source: BloombergCore Service inflation picked up…Source: BloombergUnder the hood, food and Energy services costs jumped MoM along with transportation services…(Click on image to enlarge)Source: BloombergFinally, as a reminder, lower inflation does not mean lower prices.Source: BloombergThe actual index of consumer prices hit a new record high this month – and is up 17.5% since President Biden’s term began (it was up 8% over President Trump’s full four year term).More By This Author:A Super Bowl Ticket Costs Roughly 11.7% Of The Median Household IncomeOctober 2023, The Month Streaming Costs BalloonedFed Says Bank Deposits Exploded Higher Last Week (As NYCB Hit The Fan)