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We saw tame inflation on the wholesale level yesterday, We have a mere +0.1% on both the headline CPI and on the Core CPI this morning. Dow Jones had CPI estimates at +0.3% on the headline nominal CPI and +0.1% on the core-CPI measuring ex-food and energy. On a year over year basis, it looks like we are down by -1.3% as the biggest decline in a half-century?
Transportation seems the highest at +0.8%, but on a year-over-year basis that is actually down by a shocking -14.3%.
We saw drops in food and beverages, housing, and apparel. There were also no serious revisions to the April data.
After all, as that new money getting printed works its way into your pockets, there may be inflation. But so far the inflation monster looks more like a timid hamster.
Jon C. Ogg
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