CPI rundown, rate of change relief for markets, stress grows for consumers

Headline CPI in October was flat m/o/m and up .2% m/o/m ex food and energy, both one tenth below expectations. The y/o/y increases are now 3.2% and 4%, headline and core vs 3.7% and 4.1% in the month prior. Energy prices kept a lid on the headline with a 2.5% m/o/m drop and lower by 4.5% y/o/y. Food prices grew by .3% m/o/m and by 3.3% y/o/y. 

Services inflation ex energy was up .3% m/o/m vs .6% in September and .4% in August. It's up 5.5% y/o/y. Rent growth is still being overstated with OER up .4% m/o/m and 6.8% y/o/y. Rent of Primary Residence saw a .5% m/o/m gain for a 3rd month and up by 7.2% y/o/y. In reality, blended rates are between 3-4%. Medical care costs grew by .3% m/o/m but down .8% y/o/y. While we've now recycled thru the quirky declines in health insurance prices and they did rise 1.1% m/o/m, they were still lower by 34% y/o/y and we know there is no reality that this price decline exists in. Inflation remains rampant when it comes to servicing ones car. Car insurance prices jumped 1.9% in October alone and is up 19.2% y/o/y. Vehicle maintenance prices were up by .2% m/o/m for a 2nd month after 1% price increases in each of the months prior. They are up 9.6% y/o/y. Airfares fell by .9% m/o/m and are lower by 13.2% y/o/y. Hotel prices were down by 2.9% m/o/m after jumping by 4.2% in the month before. They are up by .8% y/o/y. Finally of note, eating out at a full service restaurant was up .3% m/o/m and 4.3% y/o/y. Quick serve saw prices up by .5% m/o/m and 6.2% y/o/y.