QUESTION:
What is the latest news regarding the CPI reports?
RESPONSE:
The latest news regarding the Consumer Price Index (CPI) reports includes several key points:
1. The U.S. CPI for September showed a slowdown to 2.4% year-on-year, down from 2.5% in August[1].
2. Despite the overall slowdown, the core CPI inflation, which excludes volatile food and energy prices, was reported at 3.3% last month. This was slightly higher than the projected 3.2%[2].
3. Economists from Wells Fargo noted that the September CPI report came in slightly hotter than expected, but it was not enough to significantly alter the outlook for U.S. inflation[3].
4. The CPI data is a critical factor for investors and policymakers, especially as it was the last report before the upcoming Election Day, with inflation being a significant concern for voters[4].
These updates indicate a mixed scenario where the general inflation rate is easing slightly, but core inflation remains slightly above expectations, suggesting persistent underlying price pressures.
References
[1] US Consumer Inflation Eases To 2.4% In September By Daniel AVIS October 10, 2024 Order Reprints Print Article [Barron’s]
The consumer price index (CPI) slowed to 2.4 percent in September from a year ago, down from 2.5 percent in August, the Labor Department said in a statement. https://www.barrons.com/news/us-consumer-inflation-eases-to-2-4-in-september-610028dc
[2] CPI Inflation Worse Than Expected Last Month—But Still At 3.5-Year Low In Last Pre-Election Report [Forbes]
Core CPI inflation, arguably the more important metric for policymakers as it excludes the more fickle food and energy sub indexes, was 3.3% last month, compared to projections of 3.2%, where it also stood in July and August. http://www.forbes.com/sites/dereksaul/2024/10/10/cpi-inflation-worse-than-expected-last-month-but-still-at-25-year-low-in-last-pre-election-report/
[3] US Consumer Inflation Eases To 2.4% In September By Daniel AVIS October 10, 2024 Order Reprints Print Article [Barron’s]
“The September CPI report came in slightly hotter than expected, but not enough to meaningfully change the outlook for U.S. inflation,” economists at Wells Fargo wrote in an investor note. https://www.barrons.com/news/us-consumer-inflation-eases-to-2-4-in-september-610028dc
[4] CPI Inflation Worse Than Expected Last Month—But Still At 3.5-Year Low In Last Pre-Election Report [Forbes]
This was the last CPI report before Election Day as inflation dwells on the mind of many voters. http://www.forbes.com/sites/dereksaul/2024/10/10/cpi-inflation-worse-than-expected-last-month-but-still-at-25-year-low-in-last-pre-election-report/
