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Regional Fed CPI Measures See Fastest M/M Rates Since Sept

US DATA
  • The Cleveland Fed median and 16% trimmed mean CPI measures confirmed our earlier point on the increased breadth of inflationary pressures in today’s report when looking across the entire basket.
  • The median increased from 0.57 to 0.65% M/M whilst the trimmed mean increased from 0.49 to 0.57% M/M, both highs since September.
  • The Atlanta Fed’s sticky core CPI ex shelter meanwhile also recorded its highest since Sep with 0.32% M/M after 0.25% in Dec and a three-month average of 0.25%.
  • These series point to different trends in Y/Y terms though: the median CPI hit a new cycle high at 7.1% Y/Y but Atlanta Fed sticky core ex shelter slowed 35bps on the month to 5.3% Y/Y having peaked at 6.1% Y/Y in Sep.

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