Home News SuperCore Inflation Soars in January, Services Costs Re-Accelerate as Government Handouts Spike

SuperCore Inflation Soars in January, Services Costs Re-Accelerate as Government Handouts Spike

February 29, 2024

GOOD NEWS… One of The Fed’s favorite inflation indicators – Core PCE Deflator – dropped to +2.8% YoY in January (as expected) – the lowest since March 2021.

Headline PCE Deflator rose 0.3% MoM as expected, down at +2.4% YoY in January …

However, shorter-term signals are less encouraging:

Core PCE 3M annualized rate 2.8% from 2.0%
Core PCE 6M annualized rate 2.6% from 2.2%

On a core basis, services costs jumped even more and Durable Goods costs flipped from deflation…

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