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Non-Housing Core Service CPI Inflation Moderates Somewhat

US DATA
  • With rent of shelter inflation holding a similar M/M pace in Jan (0.76 after 0.77% M/M), the dip in core services was led by non-housing components.
  • No official series adds calculation risk but by our reckoning, core services excluding OER and rent of primary residence eased from 0.39% to 0.36% M/M, with a larger moderation for core services ex overall rent of shelter from 0.40 to 0.24% M/M (back to a similar pace in Oct-Nov).
  • Assuming at least some moderation on the month, that’s still solid considering medical care services, a large component within this sub-series, reverted to -0.68% M/M from +0.30 in Dec in a switch that dragged approaching 0.1pts from overall core CPI.

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