Beneath the Skin of CPI Inflation

November 15, 2023

by Wolf Richter Wolf Street

Energy plunges, durable goods drop, food ticks up from sky-high levels, but meat re-surges, services are hot, rents accelerate, auto insurance spikes.

Energy prices plunged, durable goods prices (cars, electronics, furniture, etc.) dropped, food prices rose moderately, as some food prices dropped and meat prices jumped, according to the Consumer Price Index data released today by the Bureau of Labor Statistics.

But the action was in services, and has been for a long time. The CPI for Rent inflation – actual rents that tenants are paying – re-accelerated for the third month in a row, motor vehicle insurance spiked, lots of services jumped, but airline fares, rental cars, and some other services fell.