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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
The key pandemic reopening categories MNI tracks (airfares, lodging, used cars, new cars, car/truck rental) - all of which were key contributors to U.S. inflation in 2021-22 - mostly pulled back for yet another month in December.
- Airfares saw a third consecutive month of deflation (-3.1% M/M), the 6th contraction in 7 months. Used car prices fell for the 6th consecutive month (-2.6%), while car/truck rental (-1.6% M/M) prices fell for the 6th month in 7.
- New car prices pulled back only modestly (-0.1%) but fell for the second consecutive month, a streak not seen since the start of the pandemic.
- The key outlier was lodging prices, which rose by 1.7% M/M after a contraction in November.
- These categories remain well above their pre-pandemic levels and ahead of the overall gains in the 15% rise for the CPI basket as a whole since February 2020.
- Airfares are up 34% since Feb 2020 (had peaked at 66%), used cars 40% (peak of 53%), lodging 32% (peak of 34%), new cars 21% (current peak), car/truck rental 77% (104% peak), with most of those peaks taking place in mid-2022.
Source: BLS, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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