- Highest since 1982
- Prior was 6.2%
- m/m CPI +0.8% vs +0.7% expected
- Prior m/m reading was +0.9%
- Real weekly earnings -0.2% vs -0.9% prior
Core inflation:
- Ex food and energy +4.9% vs +4.9% y/y expected
- Prior ex food and energy +4.6%
- Core m/m 0.5% vs +0.5% exp
- Prior core m/m +0.9%
Ahead of this report, Biden warned that the November numbers wouldn't capture the recent drop in energy prices. By some that was seen as a hint of an especially high number. Instead these figures are generally in line with the consensus, though 6.8% inflation isn't going to make any rest easy. There's a bit of a sigh of relief here with equity futures up and the US dollar down. There was a considerable amount of anxiety in the market about this number and now with energy prices falling there is a m/m decline likely coming in next month's data.
