US benchmark CPI revisions: December CPI revised to +0.2% from +0.3%

• Dec CPI ex-food and vitality unrevised at +0.3%
• November +0.2% vs +0.1%
• October +0.1% from unchanged
• This fall core CPI unrevised at a 3.3% annualized enhance
• Core six-month annualized CPI down to three.0% from 3.3% (it is a key metric for the Fed)

This US greenback is initially decrease on the CPI revisions, a few of which is a sigh of reduction that revisions weren’t greater like final 12 months.

As a reminder, Powell highlighted these modifications as necessary ones that the Fed could be carefully watching:

One piece of knowledge I can be watching carefully is the
scheduled revisions to CPI inflation due subsequent month. Recall {that a} 12 months in the past,
when it seemed like inflation was coming down rapidly, the annual replace to the
seasonal components erased these positive aspects. In mid-February, we’ll get the January
CPI report and revisions for 2023, doubtlessly altering the image on
inflation. My hope is that the revisions verify the progress we’ve seen, however
good coverage is predicated on information and never hope.

The January CPI report is due subsequent Thursday, present estimates are for a drop within the y/y studying to 2.9% from 3.4% largely due to the +0.5% m/m studying from Jan 2023 is rolling off.

There may be the pre-revision y/y CPI chart.

Right here is the pre-revision m/m chart: