CHART OF THE DAY: Shelter Drove Hot CPI

Headline CPI came in at +2.44% year-over-year, just below the upper end of our estimated range (see chart below).

While the report was marginally hotter than expected, Headline CPI slowed by -9bps from August and Core CPI accelerated by +11bps. The biggest contributor to disinflation was energy commodities, particularly gasoline (-15.5% Y/Y). Meanwhile, Shelter remained the largest positive contributor at +4.75% Y/Y.