November 13, 2024 14:06 GMT
US DATA: Core Goods CPI Unexpectedly Decelerates On Apparel, New Cars
US DATA
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Looking more closely at the core categories, the big surprise here is that core goods CPI failed to accelerate as much as had been expected, coming in at 0.05% M/M (vs expectations of 0.23% and a deceleration from September's 0.17% reading).
- That's despite Used Cars - one of the closely watched categories this month - coming in much higher than expected at 2.7% (vs 2.3% median, 0.3% prior).
- The category appears to have been dragged down by new vehicles (just below zero, vs 0.2% in September), and apparel (more than reversing September's 1.1% spike, with a -1.5% drop). Household furnishing looks to have been a factor as well (-0.1%)
- These are all volatile categories so shouldn't unduly influence the reading of the report as a whole. Still, this is the first back-to-back rise in core goods CPI since April-May 2023.
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