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Consumer Prices Soar By Most In 11 Years In June On Rebound In Fuel Costs

Consumer Prices Soar By Most In 11 Years In June On Rebound In Fuel Costs

After three months of ‘deflation’, consumer prices were expected to rebound strongly in June and it did, with headline CPI beating expectations (+0.6% MoM vs 0.5% exp). That is the biggest monthly jump since June 2019

Source: Bloomberg

Both Goods (Ex-Energy) and Services (ex-Energy) CPI growth slowed on a YoY basis…

Source: Bloomberg

The driver of the headline beat and surge in CPI was soaring motor fuel costs – up 12% MoM…

Source: Bloomberg

Will The Fed shrug this off as ‘transitory’?

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