Unbelievable. The market is rejoicing this morning because "core inflation" is meeting expectations. In other words, inflation is up only 2.3% y/y if you exclude food and energy.
If you dig deep into the BLS release, however, you will find that in the past 3 months (at annual rate) inflation increased 4.9%, food and beverages up 5.9%, housing up 4.9%, transportation up 8.7%, education up 4.2%, energy up 28.2%, and food up 6.2%. The pleasant surprise -- medical costs were up just 1.2%.
More, much more when you subscribe to The Peter Dag Portfolio on https://www.peterdag.com/.
George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
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