For the 52nd straight month, core consumer prices rose on a MoM basis in September (+0.3% MoM – hotter than the 0.2% expected) – the strongest since March. That left Core CPI YoY up 3.3%, hotter than the 3.2% expected…
Source: Bloomberg
The headline CPI also printed hotter than expected (+0.2% MoM vs +0.1% MoM exp), with the YoY CPI up 2.4% (hotter than the 2.3% expected but lowest since Feb 2021)…
Source: Bloomberg
Core Services and Food costs surged in September…
Source: Bloomberg
Overall, headline consumer prices are up over 20% (5.1% p.a.) since the Biden-Harris admin took over, which compares to around 8% (1.97% p.a) during Trump’s first term…
Source: Bloomberg
The so-called SuperCore CPI also increased on a YoY basis to +4.6%…
Source: Bloomberg
A surge in Transportation Services costs (record high auto insurance) and Medical Care Supplies lifted Super Core…
Source: Bloomberg
The silver lining is that shelter inflation continues to slow…
Source: Bloomberg
BUT… Why is the cost of auto insurance up 56% since Biden and Harris took over?
Source: Bloomberg
Real wages are down since the start of the Biden-Harris administration…
Source: Bloomberg
Finally, we note that money supply is resurgent once again, suggesting The Fed’s confidence in CPI’s decline may be misplaced…
Source: Bloomberg
Could we really replay the ’70s once again?
Source: Bloomberg
Will that really be Powell’s legacy? Or will the timing of this resurgence in inflation be perfectly timed to coincide with Trump’s election victory… and offer a perfect patsy for who is to blame?
Tyler Durden
Thu, 10/10/2024 – 08:39
