New York – picture credits Anny Zade
Global Economic & Market Outlook – Focus Notes (Friday, January 12, 2018)
US December CPI: core inflation surprises on the upside
In line with consensus estimate, headline CPI inflation decelerated to 0.1%MoM (+2.1%YoY) in December from 0.4%MoM (+2.2%YoY) in November (Figure 1), mainly on the back of a 1.2%MoM decline in the energy sector following a sharp 3.9%MoM increase in November. On the flipside, the food inflation index accelerated to 0.2%MoM in December from 0.0%MoM in the prior month, with both indexes for food at home and food away from home increasing. The shelter inflation index accounted for almost 80% of the monthly increase in the headline CPI, doubled its growth to 0.4%MoM in December compared to the previous month.
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