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Airfares, Car Prices Stand Out Among "Reopening" Categories

US DATA

What stands out so far in the pandemic reopening components is the resurgence in airfares (+4.7% M/M after 4 straight months of contractions), with Lodging, Used Cars, New Cars prices all picking up pace M/M. Car/Truck Rental slipped a little.

  • This suggests that whatever economic impact the Delta Covid wave had going into the fall, there's little sign that it held down travel- / transport-related inflation going into November.
  • And the shortage-led inflationary boost from automobiles remains formidable (a +0.13pp contribution to overall inflation from used / new vehicles).

Source: BLS, MNI

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