The headline CPI figure came in at +1.3% y/y
And that was a decline compared to the +1.4% y/y reading from January. In most other months, it's a given that a rise/decline in the headline figure also coincides with a rise/decline in the core reading (ex energy and food).
But this month is different.
The core reading actually increased to +1.6% y/y from +1.5% y/y in January. The outlier here appears to be from a distorted decline in vegetable prices - which is down by more than 24.2%, which led to food falling from 3.0% to 1.2%.
So, while the headline may prove to be soft, the details show that it is actually the other way around.
h/t to Richard Jones, Bloomberg
