Consensus was convinced – with barely any outliers – that this morning’s consumer price index would print with an astonishing 7.0% YoY (and notably 7 of the last 9 releases have come in above consensus) and they nailed it with the 7% print at its highest since June 1982 (when ET was launched in the US)…
Source: Bloomberg
That is the 19th straight monthly rise in headline CPI and Core CPI also surged to its highest since Feb 1991 (printing hotter than expected at +5.5% YoY)…
Source: Bloomberg
Under the hood, commodities, shelter, and new-and-used cars and trucks saw prices jump the most. Energy actually saw a modest 0.4% retracement (that will not be the case in January)…
Source: Bloomberg
The cost of putting a roof over your head is accelerating once again. Shelter inflation rises to 4.13% Y/Y from 3.84%, the highest since Feb 2007…
And if you think that used car CPI is going to slow anytime soon, think again…
In fact, while Services inflation rose to +3.7% – its highest since Jan 2007 – Goods inflation soared 10.7% YoY – its highest since May 1975…
Source: Bloomberg
Finally, and perhaps most importantly for Main Street, real average hourly earnings fell (down 2.4% YoY) for the 9th straight month…
ALL on BIDEN & his FAKE Administration who Stole Govt in the 2020 COUP !!!! Re-instate TRUMP !!!!
Whole Democrat Party is DIRTY & has Proved it 8 yrs of Obama & Clinton , Now Biden !!!!
Oh, but Biden said everyone getting RAISES !!!!! NOT
Thanks Biden, you jerk!