"CPI inflation came in lower, especially rent data, said Lead Analyst Logan Mohtashami. Some people are suspicious of that, but a lot of us have suspected that CPI accounts for rents for years. The 10-year yield fell right after the report and stayed lower throughout the morning. The shelter index also recorded increases, rising 3.0% year-over-year and 0.2% from September."
"On a yearly basis, the index for rent of primary residences was up 3.0% and owners' equivalent rent of primary residences up 3.4%. The drop in inflation in November is good news for consumers, Lisa Sturtevant, chief economist at Bright MLS, said in a statement. Higher prices for energy drove inflation in November, but prices of other goods, including groceries and new vehicles, are down."
All-items less food and energy rose 2.6% year-over-year. Energy posted a 4.2% annual gain and the food index rose 2.6% year-over-year. Month-over-month, all-items less food and energy increased 0.2% seasonally adjusted, with energy up 1.1% and food up 0.1%. The shelter index rose 3.0% year-over-year and 0.2% from September. Rent of primary residences rose 3.0% and owners' equivalent rent rose 3.4%. Higher energy prices drove November inflation while groceries and new vehicle prices fell. Missing October data may understate the true pace of inflation, leaving the Federal Reserve likely to act cautiously and watch December data.
Read at www.housingwire.com
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