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But Non-Housing Core Service Increase From Weaker Foundations

US DATA
  • However, a large part of the strength behind non-housing core service inflation was airfares jumping 6.4% after -2.2%, at the top end of analyst expectations and adding 0.5pps to core CPI compared to last month.
  • Of more note for the Fed will be softer medical care service details. The overall category held at -0.70% after -0.68% M/M, but within that, the professional & hospital services both slowed on the month.
  • These carry larger weight in PCE, with professional service prices falling further with -0.32% M/M after -0.09% M/M for the fastest monthly drop since Apr’17.

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