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US CPI Inflation Declines For the 3rd Month in May
The US inflation report for May was released while ago. Inflation turned negative in March, as the country went into lockdown. Although, the crash in Crude Oil prices also played a part in subduing inflation pressures. Today’s report was expected to show inflation remaining flat, but it declined once again, making this the third month in a row. Below is the inflation report for May and the earnings:
US MAy CPI Inflation Report
- May CPI YoY+0.1% versus +0.3% expected
- April CPI YoY was +0.3%
- Core CPI YoY, ex. food and energy 1.2% versus 1.3% estimated
Details
- May CPI MoM -0.1% versus 0.0% estimated
- May core CPI MoM, ex. food and energy -0.1% versus 0.0% estimated
- Food -0.7%
- Housing +0.2%
- Owner’s equivalent rent +0.3%
Earnings Details:
- Real average hourly earnings year on year rose by 6.5% y/y versus 7.6% in the prior month
- Real average weekly earnings year on year increase by 7.4% versus 7.0% last month
There wasn’t much market response to the data but 10-year Treasury yields did tick to 0.80% from 0.81% in a sign of low inflation and prospects for the Fed to do more down the road.
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