More Services Inflation; Plebe Lives Matter
More Services Inflation; Plebe Lives Matter
The Consumer Price Index (CPI) news was the primary economic release this week; allegedly, inflation dropped -0.08% month over month (m/m), and rose +6.42% year over year (y/y). But, while aggregate CPI (black line) fell fairly briskly, services inflation (red line) ticked higher. Services inflation continues to rise. What categories are pushing services inflation higher? Wolf Street (Source) as usual has a great breakdown. The recent big m/m category increases: motor vehicle repair (+1.0% m/m), hotels/motels (+1.7% m/m), rent/primary residence (+0.8% m/m), video/audio/cable (+0.9% m/m). Some of the y/y moves are also impressive: airline fares (+28.5% y/y), vehicle insurance (+14.2%
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