After a fourth straight month of hotter than expected PPI, analysts' expectations for CPI were tightly ranged around 0.3-0.4% MoM and printed +0.3% MoM (slightly below the 0.4% expected). The YoY headline CPI fell to +3.4% as expected from +3.5% prior

Source: Bloomberg

Under the hood, Services slowed modestly MoM...

On a 3m and 6m annualized basis, Energy costs are reaccelerating most...

Core CPI rose 0.3% MoM (as expected) with YoY slowing to +3.6%, also as expected...

Source: Bloomberg

Core goods deflation continues while Core Services continue to rise...

Source: Bloomberg

And one step deeper - the so-called SuperCore: Core CPI Services Ex-Shelter index - rose 0.5% MoM up to 5.05% YoY - the hottest since April 2023...

Source: Bloomberg

Under the hood of SuperCore CPI, Education costs rose (to pay for cleaning up all those protests?) and Transportation Services dominated on a YoY basis...

Source: Bloomberg

Goods prices are deflating at the fastest pace since April 2004, while Services prices are stuck around +5.3% YoY...

Source: Bloomberg

We note that consumer prices have not fallen in a single month since President Biden's term began (July 2022 was the closest with 'unchanged'), which leaves overall prices up over 19.5% since Bidenomics was unleashed (compares with +8% during Trump's term). And prices have never been more expensive...

Source: Bloomberg

That is an average of 5.5% per annum (more than triple the 1.9% average per annum rise in price during President Trump's term).

Finally, and most notably it was a miss... but not for the reason expected...