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Wells Fargo: Core CPI To Remain Strong In Coming Months

US OUTLOOK/OPINION

Wells Fargo sees February headline inflation coming in at a slightly below-consensus +0.7% M/M, with their expectation for core in line with consensus at +0.5% M/M.

  • For core, they see shelter prices continuing to apply upside pressure "as lagging home price increases continue to be factored in".
  • While services prices are set to remain robust, they see potential for cooling off in used vehicles inflation in February.
  • Overall, they see core "to see continued strength over the next few months, as it will take a much sharper slowdown in core goods inflation to balance out the increasing strength and breadth of services inflation."
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