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CPI Result Was Biggest-Ever Beat Vs Expectations

US DATA

Looking back on the historical record, the core CPI result vs the Bloomberg survey median (which goes back to 1997) was easily the widest of the mark: it came in 0.6 percentage points higher than the 0.3% expected. Prior to that, the 2nd largest deviation from survey was 0.3pp in July 2020 (see chart).

  • For headline CPI, likewise, the +0.6pp miss (vs 0.2% expected) was the largest in the history of the BBG survey, with the 2nd biggest being 0.5pp in Sep 2005 (beat) and Nov 2008 (miss).



Source: BBG, MNI

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