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Macro Since Dec FOMC - Inflation: Core CPI Shows Worrying Stalling... [1/3]

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  • Core CPI inflation came in marginally stronger than expected in December at 0.31% M/M, seeing as consensus had a clear skew to a ‘low’ 0.3%.
  • There weren’t any particularly large drivers for the surprise compared to recent months and the report offered a worrying stalling in the moderation in CPI data.
  • It left 3- and 6-month run rates at a little over 3% annualized and with non-housing core services (“supercore”) CPI running at 4.3% and 4.6% annualized over the same period.

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