March US consumer price index data
- US March CPI +2.4% y/y vs +2.4% y/y expected
- One year high
- Prior was +2.2% y/y
- Ex food and energy +2.1% y/y vs +2.1% y/y expected
- Prior ex food and energy was +1.8% y/y
Month-over-month:
- m/m CPI -0.1% vs 0.0% expected
- Prior m/m was +0.2%
- Ex food and energy +0.2% vs +0.2% expected
- Prior ex food and energy +0.2% m/m
Mike has the earnings data here.
The number is a bit disappointing, especially after talk of a strong reading yesterday on the heels of PPI. The Fed is publically confident that inflation is coming but at some point there needs to be proof it's truly accelerating.
The tricky thing is that some one-off factors that depressed inflation last summer will boost it in the months ahead. June inflation is especially primed for a jump. The risk is that the Fed uses that to hike more than it ordinarily would.
