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December CPI -0.1% (unrounded -0.057%) vs...>

US DATA: December CPI -0.1% (unrounded -0.057%) vs -0.2% expected by 
analysts, but still below the flat reading expected by markets, with 
energy prices -3.5%, the largest drop since Feb 2016, on gasoline 
(-7.5%). Ex only energy, CPI would have been +0.2% (+2.1% y/y). Food 
prices +0.4%. 
- Core CPI +0.2% (+0.210% unrounded), as expected, with the 
large owners' equivalent rents category +0.2% and medical care +0.3%, 
but new vehicle prices flat, apparel prices flat, and used vehicle 
prices -0.2%. Recreation commodities surged by 1.3%.
- The y/y rate for headline CPI fell to +1.9% vs +2.2% in November, 
hitting the lowest point since August 2017. The y/y rate for core CPI 
stayed at +2.2%.
- Overall, the data suggests that consumer inflation growth is steady 
just above 2% when the recent sharp declines in energy prices are 

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