This chart from today's Early Look by Daryl Jones shows CPI Core Services ex-Shelter, which rose to a six-month high in February at 4.5% Y/Y.
By observing survey data, commodity prices, global shipping rates and more, we've been saying inflation will stay higher for longer. This was reinforced in spades with this week’s February CPI and PPI data:
- Headline CPI accelerated on a Y/Y basis to +3.2% from +3.1% in January. It also accelerated on M/M basis to 0.4%, which is 4.8% annualized; and
- Headline PPI accelerated to 1.6% Y/Y and +0.6% M/M, which compares to the January data of 0.9% Y/Y and 0.3% M/M.
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