US DATA
The higher-than-expected M/M core / supercore CPI readings reflected stronger pressures in all major sub-categories in January. See table below.
- Notably: Supercore (0.76% vs 0.20% prior) did not reflect the relatively tame OER and rents (0.31% and 0.35% respectively): instead it was well above expected hotels, airfares, and auto insurance in the services categories, with core goods jumping (used vehicles playing a role).
- Also note that there were revisions across categories, as shown in the table below (housing categories in December were basically unaffected, as were the main aggregates; core goods were "actually" sequentially weaker in December than previously estimated).
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