The slowdown in usa CPI is still ahead: a tendency for high dollar.
①食品・エネルギー除く財の価格: 2カ月連続で上昇
②コア財価格(中古車除く): 0.2%低下、今年最大の下げ
③医療保険・航空運賃など: CPIでは高い伸び、PCEには直接反映されない
④PCE価格指数の予測: 比較的落ち着いた内容の見込み
②コア財価格(中古車除く): 0.2%低下、今年最大の下げ
③医療保険・航空運賃など: CPIでは高い伸び、PCEには直接反映されない
④PCE価格指数の予測: 比較的落ち着いた内容の見込み
⑤賃金の伸び: 実質平均時給は前年同月比1.4%上昇、9月と同率
Inflation expectations: concerns remain at a somewhat elevated level.
Rising housing costs: a risk to inflation control.
The US CPI data for October shows that inflation control is stagnant.
Core goods prices, excluding food and energy, have risen for two consecutive months, with the rising housing costs significantly impacting the overall CPI growth.
The decrease of 0.2% in core goods prices, excluding used cars, indicates a balance in supply and demand, but the ongoing increases in health insurance and airfares do not directly reflect on the PCE index, which the FED Reserve Board (FRB) values.
Real average hourly wages also increased by 1.4% compared to the same month last year, indicating the sustainability of consumer spending, but this also poses a risk of further promoting the rise in inflation expectations.
In order to advance inflation control, the FRB needs to exercise caution in the pace of rate cuts.
In the policy channel, it is believed that there is no need for a rate cut.
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