IEI - Beneath The Skin Of CPI Inflation: Historic Plunge In Durable Goods Prices Plunge In Gasoline And Outliers In Services
2024-07-12 08:00:00 ET
Summary
- The CPI for June, on a month-to-month basis, was pushed down by plunging gasoline prices, the continued historic plunge in prices of durable goods, led by used vehicles, nearly flat food-at-home prices, and core services prices.
- The six-month core CPI, which irons out most of the month-to-month zigzags, rose by 3.3% annualized, the second deceleration in a row, after five months of accelerations in a row.
- The CPI for energy covers energy products and services that consumers buy and pay for directly.
Core Services CPI produced 2nd outlier. In the past, after two outliers in this very volatile data, the next move was a U-turn.
The Consumer Price Index for June, on a month-to-month basis, was pushed down by plunging gasoline prices, the continued historic plunge in prices of durable goods, led by used vehicles, nearly flat food-at-home prices, and "core services" prices that rose at the smallest pace since the summer of 2021 in what looks like an outlier move of which we have seen already many in both directions....
Beneath The Skin Of CPI Inflation: Historic Plunge In Durable Goods Prices, Plunge In Gasoline, And Outliers In Services