CHART OF THE DAY: Sticky High Inflation Components

07/12/24 08:12AM EDT

 Below is our "Chart of the Day" and a brief excerpt from today's Early Look written by Hedgeye Director of Research Daryl Jones.

At face value, the CPI report was dovish and came in lower than expectations:

  • Headline CPI came in at +3.0% Y/Y, versus +3.3% in the prior month. The number was also down -0.1% M/M, which was the lowest M/M increase since May of 2020; and
  • Core CPI came in at +3.3%, versus +3.4% Y/Y previously.

Things were less sanguine under the hood of the report. Core Services Ex-Shelter, which is reputedly a major focus of the Fed, remained high and sticky at +4.9% Y/Y.

CHART OF THE DAY: Sticky High Inflation Components - Picture1

CHART OF THE DAY: Sticky High Inflation Components - Hedgeye University

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