Core CPIH (excluding energy, food, alcohol and tobacco) rose by 4.4% in the 12 months to April 2024, down from 4.7% in March; the CPIH goods annual rate slowed from 0.9% to negative 0.8%, while the CPIH services annual rate was unchanged at 6.0%.
Core CPI (excluding energy, food, alcohol and tobacco) rose by 3.9% in the 12 months to April 2024, down from 4.2% in March; the CPI goods annual rate slowed from 0.8% to negative 0.8%, while the CPI services annual rate eased slightly, from 6.0% to 5.9%.
Largely because it’s core that is affected by monetary policy, not those damned events dear boy, events.
Do not expect The Sage of Ely to note this.
CLIVE PARRY says:
May 22 2024 at 8:12 am
Absolutely correct.
Now, some may quibble whether 2 or 3 might be the correct level for base rates….. but FIVE?? It’s ridiculous. I would laugh….. but it’s no laughing matter for many.
+3
Reply
Richard Murphy says:
May 22 2024 at 8:40 am
I want net zero real rates
I will leave to you to consider what Murphy means by “real” interest rates – the Murphy definition or the one that everyone else uses.
(does knitting)(sockpuppet away)
Wonder if he’ll notice who this one is.
It may be core CPI that drives policy decisions, but it is overall inflation that drives political decisions. Over here it is driving the working class towards Trump, hence the gaslighting coming from the Biden administration. Notice that they are no longer touting Bidenomics as it has become a swear word with many voters.