US February core CPI 3.8% y/y versus 3.7% y/y expected
US February 2024 consumer price index data
Headline measures:
CPI y/y +3.2% versus 3.1% expected
Prior y/y 3.1%
CPI m/m +0.4% versus +0.4% expected
Prior m/m 0.3%
Core measures:
CPI y/y +3.2% versus 3.1% expected
Prior y/y 3.1%
CPI m/m +0.4% versus +0.4% expected
Prior m/m 0.3%
Core measures:
Core CPI m/m +0.4% versus +0.3% expected. Last month 0.4%
Unrounded core was +0.358%
Core CPI y/y 3.8% versus 3.7% expected. Last month was 3.9%
Shelter +0.4% versus +0.6% last month
Shelter y/y +5.7% vs +6.0% prior
Services less rent of shelter +0.6% m/m vs +0.6% prior
Real weekly earnings 0.0% vs -0.3% prior (revised to -0.4%)
Food 0.0% m/m vs +0.4% m/m prior
Food +2.2% y/y vs +2.6% y/y prior
Energy +2.3% m/m vs -0.9% m/m prior
Energy -1.9% vs -4.6% y/y prior
Rents +0.5% m/m vs +0.4% prior
Owner's equivalent rent +0.4% vs +0.6% prior
Unrounded core was +0.358%
Core CPI y/y 3.8% versus 3.7% expected. Last month was 3.9%
Shelter +0.4% versus +0.6% last month
Shelter y/y +5.7% vs +6.0% prior
Services less rent of shelter +0.6% m/m vs +0.6% prior
Real weekly earnings 0.0% vs -0.3% prior (revised to -0.4%)
Food 0.0% m/m vs +0.4% m/m prior
Food +2.2% y/y vs +2.6% y/y prior
Energy +2.3% m/m vs -0.9% m/m prior
Energy -1.9% vs -4.6% y/y prior
Rents +0.5% m/m vs +0.4% prior
Owner's equivalent rent +0.4% vs +0.6% prior
CIBC says don't overreact to this report
While February's CPI report suggests ongoing inflationary pressures, particularly in core services and goods, CIBC advises against overreaction. The analysis points towards a gradual labor market rebalancing and decelerating wage growth as factors that could lead to softer service price gains moving forward. Consequently, while immediate rate cuts by the Fed appear less likely, CIBC forecasts a potential shift towards easing policy in the second half of the year, contingent on forthcoming economic data. $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$ $S&P 500 Index (.SPX.US)$ $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$
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