Posted on 05/11/2022 6:42:36 AM PDT by blam
After March’s surge in consumer prices, analysts’ consensus is that CPI has peaked and April was expected to show a big slowing from +8.5% YoY to +8.1% YoY, however, CPI printed hotter than expected at +8.3% YoY…
Source: Bloomberg
Bear in mind that headline CPI is still at its second highest since 1982.
Core CPI was expected to rise 6.0% YoY in April (down from +6.5% YoY in March) but rose a hotter than expected 6.2% YoY
Along with indexes for shelter, airline fares, and new vehicles, the indexes for medical care, recreation, and household furnishings and operations all increased in April.
The indexes for apparel, communication, and used cars and trucks all declined over the month.
Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent over the month as the food at home index rose 1.0 percent. The energy index declined in April after rising in recent months. The index for gasoline fell 6.1 percent over the month, offsetting increases in the indexes for natural gas and electricity.
As Goldman noted, strong Services inflation will likely keep CPI elevated while last year’s spike in goods prices will increasingly drop out…
Source: Bloomberg
Developing…
Keep in mind, the 8.3% rate came out this morning IN SPITE OF LOWER GAS PRICES last month due to China lockdowns.
But China’s covid rate has fallen off significantly now, and gas prices are now higher today. Expect higher inflation rate next month.
Gas prices are not lower here, they are at all time highs. up over 100% since Biden took office.
I saw a decline in gasoline prices last month. That is gone. Yesterday, gas was $4.55 per gallon. That’s back to previous highs. If you follow these numbers on a monthly basis you will see fluctuations. I think we all know the trajectory for the things that we need the most.
I’m old enough to remember when gas was $4/gallon.
Gas prices in my town were $4.19 and then came down to $4.09 for a while due to lockdowns in China and today it is $4.29 which is new record.
LOL!
“and then came down to $4.09 for a while due to lockdowns in China”
How do we know that’s the reason?
Because expectation on Wall Street was with China in lockdown, there will be less demand from Chinese industry in lockdown area, and people driving less in lockdown area.
Guess what China covid outbreak is now gone and today my gas station price is $4.49. Yesterday it was $4.29/gal.
How do you know it’s not because of this;
https://www.cbsnews.com/news/biden-alaska-oil-gas-lease-sale-canceled/
LOL That would cause increase in price. We are talking about why price dropped slightly for a few days.
Dropping for a few days isn’t China.
You said the price went up;
“Guess what China covid outbreak is now gone and today my gas station price is $4.49. Yesterday it was $4.29/gal.
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