US Supercore inflation increased 5.0% year-over-year in May, its highest level since April 2023.
Supercore inflation is a key metric the Fed follows which includes core services inflation less shelter.
Over the last 8 months, it has seen a significant increase from ~3.8% in October.
This is despite core CPI inflation declining to 3.4% year-over-year from 3.6% in April and below estimates of 3.5%.
Overall, inflation has been above 3% for 38 straight months, the longest streak since the 1990s’ when it lasted for 54 months.
The fight against inflation is far from over.
US Supercore inflation increased 5.0% year-over-year in May, its highest level since April 2023.
Supercore inflation is a key metric the Fed follows which includes core services inflation less shelter.
Over the last 8 months, it has seen a significant increase from ~3.8% in… pic.twitter.com/O3W3cCw41N
— The Kobeissi Letter (@KobeissiLetter) June 12, 2024