US December 2023 consumer price index data
CPI y/y +3.4% versus 3.2% expected
Prior y/y 3.1%
CPI m/m +0.3% versus +0.2% expected
Prior m/m 0.1%
Core measures:
Core CPI m/m +0.3% versus +0.3% expected. Last month 0.3%
Core CPI y/y 3.4% versus 3.8% expected. Last month was 4.0%
Shelter +0.4% versus +0.4% last month
Shelter y/y +6.2% vs +6.5% prior
Services less rent of shelter +0.6% m/m vs +0.6% prior (y/y vs +3.5% y/y prior)
Core services ex housing +0.4% vs +0.44% m/m prior
Real weekly earnings -0.2% vs +0.5% prior
Food +0.2% m/m vs +0.2% m/m prior
Food +2.7% vs +2.9% y/y prior
Energy +0.4% m/m vs -2.3% m/m prior
Energy -2.8% vs -5.4% y/y prior
Rents +0.4% m/m vs +0.5% prior
Owner's equivalent rent +0.5% vs +0.5% prior
Prior y/y 3.1%
CPI m/m +0.3% versus +0.2% expected
Prior m/m 0.1%
Core measures:
Core CPI m/m +0.3% versus +0.3% expected. Last month 0.3%
Core CPI y/y 3.4% versus 3.8% expected. Last month was 4.0%
Shelter +0.4% versus +0.4% last month
Shelter y/y +6.2% vs +6.5% prior
Services less rent of shelter +0.6% m/m vs +0.6% prior (y/y vs +3.5% y/y prior)
Core services ex housing +0.4% vs +0.44% m/m prior
Real weekly earnings -0.2% vs +0.5% prior
Food +0.2% m/m vs +0.2% m/m prior
Food +2.7% vs +2.9% y/y prior
Energy +0.4% m/m vs -2.3% m/m prior
Energy -2.8% vs -5.4% y/y prior
Rents +0.4% m/m vs +0.5% prior
Owner's equivalent rent +0.5% vs +0.5% prior
This is undoubtedly a hawkish report so it's not a surprise that the US dollar is climbing. The question is whether the market will look further out and determine that inflation is going to inevitably come down and it's not really material whether the Fed starts cutting in March, April or June. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$
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