{"id":53192,"date":"2020-05-12T08:36:45","date_gmt":"2020-05-12T13:36:45","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53192"},"modified":"2020-05-12T08:36:51","modified_gmt":"2020-05-12T13:36:51","slug":"core-cpi-crashes-by-most-on-record-food-costs-soar-as-energy-apparel-collapse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53192","title":{"rendered":"Core CPI Crashes By Most On Record; Food Costs Soar As Energy &#038; Apparel Collapse"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/markets\/core-cpi-crashes-most-record-food-costs-soar-energy-apparel-collapse\">Core CPI Crashes By Most On Record; Food Costs Soar As Energy &amp; Apparel Collapse<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Headline Consumer Prices fell 0.8% MoM &#8211; the biggest drop since 2008 &#8211; as soaring food inflation was dominated by plunging energy, apparel, and lodging costs&#8230;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmCEBD.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">But it was Core CPI, printing 0.4% MoM that made the headlines.&nbsp;<strong>That is the biggest monthly decline since records began in 1961&#8230;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmD8DB.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Under the hood, the changes were dramatic to say the least&#8230;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-05-12%20%281%29.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A 20.6-percent decline in the gasoline index was the largest contributor to the monthly decrease<\/strong>&nbsp;in the seasonally adjusted all items index, but the indexes for apparel, motor vehicle insurance, airline fares, and lodging away from home all fell sharply as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Goods deflation is accelerating as Services inflation is slumping&#8230;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm958E.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>In contrast, food indexes rose in April, with the index for food at home posting its largest monthly increase since February 1974.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm7299.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Shelter Inflation up only 2.61%<\/strong>, down from 3.01% in March, and the lowest since Feb 2014.&nbsp;<strong>Rent inflation up 3.49%,<\/strong>&nbsp;down from 3.67% in March but&nbsp;<strong>lowest only since Jan 2019.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-05-12.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Given the near total lockdown of the US, we do question just how &#8220;real&#8221; this data is (and the fact that rent strikes, mortgage forbearance, food banks, UBI, PPP, and you name the acronym have distorted all the inputs).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Core CPI Crashes By Most On Record; Food Costs Soar As Energy &amp; Apparel Collapse Headline Consumer Prices fell 0.8% MoM &#8211; the biggest drop since 2008 &#8211; as soaring food inflation was dominated by plunging energy, apparel, and lodging costs&#8230; But it was Core CPI, printing 0.4% MoM that made the headlines.&nbsp;That is the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1055,202,5646,322,4318],"class_list":["post-53192","post","type-post","status-publish","format-standard","hentry","category-economics","tag-consumer-price-index","tag-deflation","tag-energy-costs","tag-food-prices","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53192"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53192\/revisions"}],"predecessor-version":[{"id":53193,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53192\/revisions\/53193"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}