Headline CPI:
- CPI +2.4% vs +2.6% expected
- Prior was +2.8%
- m/m reading at -0.1% vs +0.1% expected
- Month-over-month unrounded -0.088% vs 0.216% prior
Core CPI:
- Core CPI +2.8% vs +3.0% expected– lowest since 2021
- Core CPI m/m +0.1% vs +0.1% expected
- Core unrounded +0.116% vs +0.227% m/m prior
- Real weekly earnings % vs +0.1% prior
- Core services +0.126% vs +0.252% prior
- Core services ex shelter +0.1% vs +0.3% prior
- Core-CPI services ex-rent/OER +0.095% vs +0.3% prior
- Services ex energy +0.160% vs +0.24% prior
This is a cool report and that should nudge the Fed a bit closer to cutting, though they are surely more concerned with tariff impacts at the moment. The US dollar is broadly weaker after the data.
This article was written by Adam Button at www.forexlive.com.