{"id":60866,"date":"2021-12-10T09:01:58","date_gmt":"2021-12-10T14:01:58","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60866"},"modified":"2021-12-10T09:01:58","modified_gmt":"2021-12-10T14:01:58","slug":"prices-climb-at-fastest-pace-since-1982-but-it-could-have-been-worse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60866","title":{"rendered":"Prices Climb At Fastest Pace Since 1982… But It Could Have Been Worse"},"content":{"rendered":"
\n

Prices Climb At Fastest Pace Since 1982… But It Could Have Been Worse<\/a><\/h3>\n<\/header>\n
\n
\n

Having surged faster than expected in 7 of the last 8 months, all eyes are on this morning’s Consumer Price Index as this is the\u00a0last big release ahead of next Wednesday\u2019s Federal Reserve decision<\/strong>, where Deutsche Bank economists (among many others) are\u00a0expecting they\u2019ll double the pace of tapering<\/strong>. Chair Powell himself reinforced those expectations in recent testimony, stopping just shy of unilaterally announcing the faster taper.\u00a0Crucially, he noted this CPI print and the evolution of the virus were potential roadblocks to a faster taper next week<\/strong>.<\/p>\n

And sure enough, CPI printed +6.8% YoY – right as expected and the fastest rate of increase since 1982…<\/p>\n

\"\"<\/picture><\/a><\/p>\n

\n

Core CPI – stripping out everything you spend money on every day – rose at 4.9% YoY – its highest level since 1991…<\/p>\n

\"\"<\/picture><\/a><\/p>\n

In another blow for team transitory, the drivers of inflation were increasingly broad-based,<\/strong>\u00a0rather than just in a few categories affected by the pandemic. Under the hood, everything rose in price…<\/p>\n

\"\"<\/picture><\/a><\/p>\n

The shelter index increased 0.5 percent over the month, as the indexes for rent and owners\u2019 equivalent rent both rose 0.4 percent; these increases were the same as in October.\u00a0Nov Shelter inflation rose 3.84% Y\/Y, up from 3.38% in October and Nov Rent inflation jumped 3.05% Y\/Y, up from 2.70% in October.\u00a0<\/strong>The index for lodging away from home rose 2.9 percent in November after rising 1.4 percent in October.<\/p>\n

\"\"<\/picture><\/a><\/p>\n

Vehicle indexes also continued to rise in November.\u00a0<\/strong>The index for used cars and trucks rose 2.5 percent over the month, the same\u00a0 increase as in October. The index for new vehicles rose 1.1 percent in November after a 1.4-percent increase in October.<\/p>\n

\"\"<\/picture><\/a><\/p>\n

The index for household furnishings and operations increased in November, rising 0.8 percent, the same increase as in October…<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Prices Climb At Fastest Pace Since 1982… But It Could Have Been Worse Having surged faster than expected in 7 of the last 8 months, all eyes are on this morning’s Consumer Price Index as this is the\u00a0last big release ahead of next Wednesday\u2019s Federal Reserve decision, where Deutsche Bank economists (among many others) are\u00a0expecting […]<\/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":[1055,15374,426,13351,4318],"class_list":["post-60866","post","type-post","status-publish","format-standard","hentry","category-economics","tag-consumer-price-index","tag-consumer-price-inflation","tag-inflation","tag-price-inflation","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60866","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=60866"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60866\/revisions"}],"predecessor-version":[{"id":60867,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60866\/revisions\/60867"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}