US DATA: Ex-Vehicle Core Goods Prices Fall At Fastest Pace Since April 2020
Dec-12 13:51By: Tim Cooper
Within the pullback in core goods prices (-0.30% M/M from -0.09% prior), the main story was an outsized positive contribution from used vehicles (+1.58% M/M, highest since May 2023, after 4 months of contractions).
- Ex-used vehicles, core goods CPI was -0.56% which was the softest figure since April 2020.
- By comparison, analysts had seen an average 0.4% M/M increase in used car prices in November.
- New vehicle prices fell 0.06% M/M (-0.09% prior), while apparel prices fell 1.29% M/M (+0.10% prior) - the biggest drop in that category since May 2020.
- All told, vehicles (new and used) added 0.05pp to the total core CPI figure - while non-vehicle core goods subtracted 0.13pp.
