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Core Goods Above-Expected, But Headline Weakest Since Pandemic(2/2)

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Conversely to core services, core goods inflation actually came in a little higher than expected but still in deflationary territory for the 4th consecutive month and the 12th in 13 (-0.12% vs expected -0.18% MNI avg, -0.04% in May).
  • Apparel bounced back from deflation in May (-0.3%) to +0.1% with new vehicle price deflation moderating slightly (-0.2% from -0.5%). Used cars deflated a little more than expected though at -1.5%.
  • Headline at -0.06% was unexpectedly low (+0.08% expected, +0.01% prior) and in deflation for the first time since July 2022 - and the weakest M/M print since April 2020.
  • Food prices were a little punchier than expected at +0.24% (+0.14% expected/prior), with food away from home printing +0.4% for a 2nd consecutive month - but that was offset in headline by energy pulling back more than expected (-2.04% vs -1.6% exp, -2.03% prior).

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Conversely to core services, core goods inflation actually came in a little higher than expected but still in deflationary territory for the 4th consecutive month and the 12th in 13 (-0.12% vs expected -0.18% MNI avg, -0.04% in May).
  • Apparel bounced back from deflation in May (-0.3%) to +0.1% with new vehicle price deflation moderating slightly (-0.2% from -0.5%). Used cars deflated a little more than expected though at -1.5%.
  • Headline at -0.06% was unexpectedly low (+0.08% expected, +0.01% prior) and in deflation for the first time since July 2022 - and the weakest M/M print since April 2020.
  • Food prices were a little punchier than expected at +0.24% (+0.14% expected/prior), with food away from home printing +0.4% for a 2nd consecutive month - but that was offset in headline by energy pulling back more than expected (-2.04% vs -1.6% exp, -2.03% prior).