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Medical Care Services Costs Gaining Momentum

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An unsung contributor to the surprisingly high July CPI reading was accelerating medical care services inflation - the sector represents about 7% of overall CPI (by comparison, a little less than rent of private residences ) and continues to show steady upward momentum.

  • It hit a 33-month high in June and was one of the highest M/M prints since the early 1990s (+0.73% M/M, vs +0.43% prior).
  • Also of note is that medical care services looks like it represented the median inflation category in June (according to inflation fund manager Michael Ashton on Twitter), which if true would mean another fresh post-1982 high for median (to be confirmed by the Cleveland Fed's monthly release later today), vs +0.58% median M/M In May.

Source: BLS, MNI

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An unsung contributor to the surprisingly high July CPI reading was accelerating medical care services inflation - the sector represents about 7% of overall CPI (by comparison, a little less than rent of private residences ) and continues to show steady upward momentum.

  • It hit a 33-month high in June and was one of the highest M/M prints since the early 1990s (+0.73% M/M, vs +0.43% prior).
  • Also of note is that medical care services looks like it represented the median inflation category in June (according to inflation fund manager Michael Ashton on Twitter), which if true would mean another fresh post-1982 high for median (to be confirmed by the Cleveland Fed's monthly release later today), vs +0.58% median M/M In May.

Source: BLS, MNI