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Shelter Strength Stands Out In Otherwise Softer CPI Report

US DATA
  • Core CPI inflation sees a notable miss in July at +0.3% M/M (cons 0.5%) but one stronger internal reading was no material let up in OER/rents, broadly in line with analyst expectations seen by MNI beforehand, at the second strongest sequential prints of the cycle.
  • OER +0.63% M/M (from 0.70%) and primary rents 0.70% (from +0.78).
  • Total shelter of +0.54% was again weighed down by second monthly decline in lodging (-2.74 after -2.82).

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  • Core CPI inflation sees a notable miss in July at +0.3% M/M (cons 0.5%) but one stronger internal reading was no material let up in OER/rents, broadly in line with analyst expectations seen by MNI beforehand, at the second strongest sequential prints of the cycle.
  • OER +0.63% M/M (from 0.70%) and primary rents 0.70% (from +0.78).
  • Total shelter of +0.54% was again weighed down by second monthly decline in lodging (-2.74 after -2.82).