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Breadth of Inflationary Pressures Holds Most Of January Surge

US DATA
  • Our estimate of dispersion across 57 items over the entire CPI basket saw relatively limited moderation in February considering the sharp increase in the breadth of inflationary pressure back in January.
  • As such it lends support to that Jan jump for figures that can be noisy from month-to-month – see charts.

* Share in excess of 3% annualized in Feb: 53% vs 58% in Jan and 39% in Dec. It averaged 41% in 2019.

* Share in excess of 5% annualized in Feb: 44% vs 49% in Jan and 23% in Dec. It averaged 25% in 2019.

* Share seeing outright deflation in Feb: 33% vs 32% in Jan and 37% in Dec. It averaged 38% in 2019.

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