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CPI Dispersion Measures Mostly Remain Near Pre-Pandemic Levels

US DATA
  • Dispersion measures for 57 items across the entire CPI basket showed two of the main measures we focus on as remaining back at pre-pandemic levels after June’s moderation, although those growing very quickly increased.
  • The share growing in excess of 3% annualized on the month ticked 1pp lower to 39% (2019 av 41%) and the share seeing outright deflation on the month was unchanged at 39% (2019 av 38%).
  • The share growing in excess of 5% annualized though increased 7pps to 33% (2019 av 25%) although still marks a firm improvement from the ~60% in 1H22 and 50% in 2H22.
  • See charts:

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