CPI rundown/Six month high in food prices in CRB index

November CPI was as expected, rising .3% both headline and core. Versus last year, they were up 2.7% and 3.3% respectively vs 2.6% and 3.3% in the month prior. Energy prices rose .2% m/o/m but down 3.2% y/o/y. Food prices were higher by .4% m/o/m and 2.4% y/o/y. Food prices at home jumped by .5% m/o/m and by a more modest 1.6% y/o/y. Food away from home is still pricier, higher by .3% m/o/m and 3.6% y/o/y.

By the way, if you didn’t see, the CRB Food Stuff index closed yesterday at the highest level since June.

Services inflation ex energy, that is never transitory, rose .3% m/o/m and 4.5% y/o/y. Rental growth, which has slowed in reality, is further decelerating here, with both OER and Rent of Primary Residence each up by .2% m/o/m, a slowdown from the recent prints. They are though still up 4.9% and 4.4% y/o/y respectively. Medical care prices rose .3% m/o/m after a similar rise in October and are up 3.1% y/o/y. Prices for auto insurance flattened out for a 2^nd month, up by .1% after a .1% drop last month. They are still up 12.7% y/o/y. Vehicle maintenance costs rose .2% m/o/m after a 1.1% rise in October and are up 5.7% y/o/y. Airline fares were up by .4% after two straight months of 3.2% gains. They are up almost 5% y/o/y and responding to the industry’s recent capacity reductions. Hotel prices jumped by 3.7% in the month and also up 3.7% y/o/y.