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Free AccessAirfares Roughly Half The Surprise In Core CPI
- Core CPI inflation surprisingly increased from 0.32% to 0.57% M/M in April, back to rates from January.
- Some of this had largely been expected, with used cars nearly unwinding the -0.2pp drag from March, whilst shelter saw an uplift from a larger re-acceleration in primary rents than expected.
- Strip those out and core CPI inflation excluding shelter and used cars (the two major drivers over the past year) accelerated back to joint post-pandemic highs from January of +0.7% M/M.
- However, this still includes airfares, which surprisingly jumped from 10.7% to 18.6% M/M, with the change accounting for ~0.06pps of the 0.25pps increase in core inflation but perhaps closer to 0.1pp of the 0.17pp beat on consensus.
- New cars were also slightly higher than most analysts estimates seen beforehand, adding 0.05pp to the change in core but probably marginally less than that for the surprise.
- With numerous large single item moves, the Cleveland Fed median measure of inflation will be particularly interesting when released later for a better gauge of inflation breadth.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.