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Latest M/M Dispersion Metrics Unwind March Progress [1/2]

US DATA
  • We calculate that the share of the overall CPI basket seeing greater than 3% annualized inflation on the month increased from 42% to 49% in April, reversing a large part of the March decline.
  • It averaged 42% in 2019 or 38% through 2015-19 for context.
  • On the plus side, the share seeing >5% inflation on the month only edged up from 35.4% to 37%.
  • Meanwhile, the share seeing outright deflation on the month fell back below historical averages, from 45% to 40%. It averaged 41.6% in 2019 or 43% in 2015-19.
  • This looks across approximately 190 items in the CPI basket.

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