UIS: Inflation surprises to the upside in August – UOB – by pabspiovano CPI Inflation UnitedStates Banks
UOB Group’s Senior Economist Alvin Liew and Rates Strategist Victor Yong review the latest release of US inflation figures. inflation was off from recent highs but still elevated at 8.3% y/y , above Bloomberg estimates of 8.1% . On a m/m basis, the headline CPI picked up pace, increasing 0.1% m/m and faster against Bloomberg estimate of a decline by -0.1% m/m.”
“Goods inflation eased further, coming in at -0.8% m/m, 12.1% y/y in Jul , but services inflation – a bigger and thus more important component of CPI – continued to increase and the pace re-accelerated, up by 0.7% m/m, 6.8% y/y , matching the previous high of Oct 1982 . The sustained increase in services inflation in recent months is a clear indication that wage growth is having a meaningful transmission to price pressures.
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