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Contributions To Sept Core CPI: Hotels Stand Out

US DATA

Key contributions to the September core inflation reading as below. Core goods subtracted 0.10pp to the headline figure (0.08pp more than in August), with services adding 0.42pp (up 0.14pp from August).

Note again the big swing in lodging (adding 0.1pp vs August's contribution), though likely regarded as a one-off.

Softening car insurance and airfares vs August helped spare an upside core surprise.

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