US CPI Review: September 2023

Both the CPI & core CPI were in-line with my forecasts, as durables and nondurables prices saw broad disinflation, but services prices remained elevated.

Executive summary

In September, headline CPI inflation was 3.7%, unchanged from August. While this was slightly above the consensus forecast, it was in-line with my forecast.

Core CPI inflation was 4.1%, down from 4.3% in August. This was in-line with my forecast and consensus expectations and marked the sixth consecutive month of decelerating annual grow…