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Regional Fed CPI Metrics On Balance Consolidate M/M Disinflation

US DATA
  • Cleveland Fed median: 0.19% M/M in June after 0.25% in May, for its softest monthly increase since Jan’21.
  • Cleveland Fed 16% trimmed mean: 0.17% M/M in June after 0.13% in May.
  • Atlanta Fed sticky core CPI ex shelter: 0.13% M/M in June after a particularly weak -0.07% in May.
  • In broader trend terms, the Cleveland Fed measures both show further progress for year-ago rates (median from 4.3% to 4.15% Y/Y, trimmed mean from 3.4% to 3.34% Y/Y) although the Atl Fed’s sticky core ex shelter has plateaued and most recently increased from 3.01% to 3.08% Y/Y.

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