Assessment: Housing inflation is really ramping up with the shelter index increased over the month, rising 0.4 percent. The index for rent rose 0.5 percent in September, while the index for owners’ equivalent rent rose 0.4 percent over the month.
Having slowed for two straight months, whisper numbers predicted a slightly hotter than expected September CPI (edging up to 5.4% YoY, slightly above the consensus of 5.3%) on the back of a re-intensification of supply-chain bottlenecks due to a combination of natural disasters and COVID disruptions in the US and Asia kept pressure on manufactured goods in September.
And I heard a voice in the midst of the four living creatures saying, “A [b]quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6:6
Headline CPI did indeed come hotter than expected (+0.4% MoM vs +0.3% exp) with the YoY spike edging back up to +5.4%…
That is equal to its highest since July 2008.
Fuel Oil and Gas Utility prices dominated the MoM gains with Used Car prices actually dropping modestly (which is odd given that Manheim used car prices are at record highs)… Read More @ Zero Hedge HERE
