- Prior +10.6%
- Core CPI +5.0% vs +5.0% y/y expected
- Prior +5.0%
The headline reading may be softer than expected but notice that the core reading remains unchanged from October, holding at a record high. As mentioned here yesterday, the softer price pressures are largely to do with a drop in energy costs but we are seeing higher prices be embedded in other areas of the economy and that is reflected by the core reading.