Executive Summary
• September core CPI (Oct 14) printed .33% MoM (.335% unrounded) vs. a .2% consensus and Pinebrook’s .26% call. Core YoY 2.6%.
• Headline CPI rose .65% unrounded on a 9.1% jump in gasoline, taking YoY to 3.7%. The Pinebrook gas nowcast (.61%) was 4bps light, well inside its 20bp average miss.
• The miss was broad, not shelter: supercore +.42%, core goods +.25% (largest in a year). Widespread but moderate price pressure.