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Core Services Prices Moderate, Goods Remain Negative M/M


The miss in overall core came as core services pulled back, while core goods accelerated slightly though in still-negative territory:

  • Core goods inflation comes in negative M/M for the 5th consecutive month, at -0.09% (-0.39% prior). Contributes -0.02pp to M/M core CPI (vs -0.10pp prior).
  • Core services inflation pulls back to 0.34% M/M from 0.57% prior, for the softest print since June. Contributes +0.25pp to M/M core CPI (vs +0.42pp prior).

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