Inflation spiked as expected in November showing the highest rise in consumer prices in 39 years. The price increases were across the board and can’t be explained away by ‘the weather’, or by big ticket items.
Michigan Consumer Sentiment rose more than forecast but the difference between ‘expected’ and ‘current’ was huge as consumers see things getting a LOT worse. December’s number was also coming off a big drop in November and a rebound was expected.
“Consumers continued to voice a considerable degree of uncertainty about future inflation rates, mostly about near- rather than long-term inflation rates,” Richard Curtin, director of the survey, said in a statement.
Consumer Price Index (MoM) (Nov) printed at 0.8% vs 0.7% consensus estimate.
Consumer Price Index (YoY) (Nov) printed at the estimate of 6.8%.
Consumer Price Index ex Food & Energy (MoM) (Nov) printed at the estimate of 0.5%.
Consumer Price Index ex Food & Energy (YoY) (Nov) printed at the estimate of 4.9%.
Consumer Price Index n.s.a. (MoM) (Nov) printed at 277.948 vs 278.114.
Michigan Consumer Sentiment Index (Dec) PREL printed at 70.4 vs 67.1 estimate.