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