Core CPI Rises To 2.2% YoY, Real Hourly Earnings YoY Flat (Dual Mandate??)

The monthly inflation report is out.

Core CPI “inflation” increased to 2.2% YoY.

corecpiyoym18

While real average hourly earnings were flat (as in 0% growth).

realyraw

Core CPI smoothed over different lags shows an interesting pattern.

corecpiyoymay18

Hopefully The Fed doesn’t think that growing real CPI and flat wage growth is the “dual mandate!”

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