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US DATA: Core CPI Q4 Downward Revisions Only Partly Offset Booming January

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • Core CPI was clearly far stronger than expected in Jan at 0.446% M/M sa (MNI unrounded median 0.30, av 0.29) which was only partially offset by recent downward revisions in Q4 with 0.210% M/M in Dec (from 0.225), 0.29% in Nov (from 0.31) and 0.266% in Oct (from 0.28%).
  • The main upward revisions to SA core CPI M/Ms came in June/July.
  • The three-month rate accelerated to 3.9% from a downward revised 3.1 (from 3.3) in Dec, its highest since April.
  • The six-month rate accelerated to 3.7% from a hardly revised 3.14% (from 3.19%) in Dec, its highest since May.
  • The Y/Y, which is based on NSA (and therefore unrevised) data surprisingly inched up from 3.24% Y/Y to 3.26% Y/Y (we’d seen an average estimate of 3.15%).
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  • Core CPI was clearly far stronger than expected in Jan at 0.446% M/M sa (MNI unrounded median 0.30, av 0.29) which was only partially offset by recent downward revisions in Q4 with 0.210% M/M in Dec (from 0.225), 0.29% in Nov (from 0.31) and 0.266% in Oct (from 0.28%).
  • The main upward revisions to SA core CPI M/Ms came in June/July.
  • The three-month rate accelerated to 3.9% from a downward revised 3.1 (from 3.3) in Dec, its highest since April.
  • The six-month rate accelerated to 3.7% from a hardly revised 3.14% (from 3.19%) in Dec, its highest since May.
  • The Y/Y, which is based on NSA (and therefore unrevised) data surprisingly inched up from 3.24% Y/Y to 3.26% Y/Y (we’d seen an average estimate of 3.15%).
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