ONLY CHARTS #265

US CPI, Aus CBA household spending, NZ card spending, Aus first home-buyers, Aus inflation expectations, Aus housing loan payments

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1. US CPI inflation was robust in January but that was also the case in January in 2023 and 2024. Spikes in January were also evident in PCE inflation.

Something’s up with changing seasonal patterns so it’s time to cool the jets.

2. That said, year-ended US trimmed mean CPI inflation was 3.1% in January.