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CPI Dispersion Measures Close To Pre-Pandemic Levels

US DATA
  • MNI’s dispersion measures of 57 items across the whole basket rather than just core CPI showed a significant further moderation in monthly price pressures.
  • The share growing in excess of 3% annualized fell from 54% to 37% (2019 av 41%) for its lowest since Oct’20, whilst the share seeing outright deflation on the month rose from 35% to 40% (2019 av 38%).
  • There’s seen some concentration with items growing very quickly, with the share growing above 5% annualized at 32% vs the 2019 av of 25% but that’s still down from 42% in March and again the lowest since Oct’20.

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