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Reversal Of Prior Disinflationary Progress In Dispersion Measures

  • Our measure of dispersion looking at 57 items across the entire CPI basket suggests December saw a reversal of November’s progress.
  • The share of the basket rising more than 3% annualized on the month increased from 33% to 47% (2019 av 41%) and the share rising more than 5% annualized increased from 28% to 32% (2019 av 25%).
  • At the other end of the spectrum, the share seeing outright deflation on the month dropped sharply from 54% to 37% (2019 av 38%) although that’s only its lowest since September.
  • These figures should all be caveated by the fact they can be noisy from month-to-month.

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