December US consumer price index data

  • Lowest since July 2017

  • Prior was +2.2% y/y

  • Ex food and energy 2.2% vs 2.2% exp
  • CPI m/m -0.1% vs -0.1% exp
  • CPI m/m ex food and energy +0.2% vs +0.2% exp


  • Average weekly earnings +1.2% y/y vs +1.2% expected
  • Prior average weekly earnings +0.6%
  • Avg hourly earnings +1.1% m/m vs +0.8% prior

Three cheers for the economists this month as they nailed every number on this one. There was a bias to the downside in the estimates with many forecasting one tick lower on y/y core and headline so this is a slight 'beat' that may give a bit of a lift to the US dollar but I wouldn't count on it being much.