2 years ago

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the 7% CPI print at its highest since June 1982 (when ET was launched in the US)...

That is the 19th straight monthly rise in headline CPI and Core CPI also surged to its highest since Feb 1991 (printing hotter than expected at +5.5% YoY)...

Under the hood, commodities, shelter, and new-and-used cars and trucks saw prices jump the most. Energy actually saw a modest 0.4% retracement (that will not be the case in January)...

The cost of putting a roof over your head is accelerating once again. Shelter inflation rises to 4.13% Y/Y from 3.84%, the highest since Feb 2007...
And if you think that used car CPI is going to slow anytime soon, think again...

In fact, while Services inflation rose to +3.7% - its highest since Jan 2007 - Goods inflation soared 10.7% YoY - its highest since May 1975...

Finally, and perhaps most importantly for Main Street, real average hourly earnings fell (down 2.4% YoY) for the 9th straight month...
So the next time a politician tries to tell you to be grateful that your wages are going up or you can move to a new higher paying job, just remind him that the surge in the cost of living is outpacing wage gains

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