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CPI Dispersion Back At Pre-Pandemic Levels

US DATA
  • Our dispersion measures looking at 57 items from across the entire CPI basket rather than just core showed a renewed drop in those growing in excess of target in June, after a brief climb in May.
  • Specifically, the share increasing faster than 3% annualized on the month fell from 46% to 40% (2019 av 39%) and the share above 5% fell from 37% to 26% (2019 av 25%).
  • The share seeing outright deflation meanwhile actually dipped on the month having already moved back to pre-pandemic levels, from 42% to 39% (2019 av 38%).

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