00:00 Speaker A
As we are getting the key inflation print crossing the wire, let me get you those numbers. CPI year over year coming in just a touch below the survey number at 2.5%, coming in at 2.4% for CPI year over year. Meantime, CPI month over month coming in at negative .1%. The survey was a lift of .1% here. You also had CPI ex-food and energy month over month coming in below survey expectations, coming in at .1%. The survey was .3%. And again, CPI ex-food and energy year over year also coming in a touch below expectations coming in at 2.8%. The survey indicating 3%. And again, I want to give you that headline here. CPI year over year coming in just a touch below the survey expectations, coming in at 2.4%. The survey indicating 2.5% for year over year. This is probably going to be one of the lower CPI readings month over month. If we saw it coming in line with the survey number, it would have been the lowest print in seven months on a CPI print basis here. And we’re now seeing that coming in negative here. And you’ve got that core CPI rising .1% month over month, but the estimate was .3%. So several data points in the CPI print coming in below expectations, Brad.
02:11 Brad
Yeah, feel the indexes because you know I love to dive into that. And what I did a quick command F or control F, if you’re using a Windows operating system, for was shelter. Because that consistently is one of the largest contributors. However, not this time. Shelter index increased two tenths of a percent over the month. Index for owners equivalent rent rose four tenths of a percent in March. Index for rent increased three tenths of a percent. Why do I bring this up? Because shelter is one of the more stickier parts of inflation that the Fed has to consider, and of course, that has a longer kind of time range for some of their own policy to take effect and really have more of an effect on the housing market, more broadly here. One of the additional shelters that people are keeping close tabs on here is the food index. The food index here, in contrast, that rose four tenths of a percent in March. The food at home index increased half a percent. So some people still going out, still eating, whether they’re getting some of those deals at perhaps TGI Fridays or wherever people go these days to get half price wings. I don’t know where, but ultimately the food away from home index that rose four tenths of a percent over the month. Here’s where we did see some decreases here. Uh, airline fares, motor vehicle insurance, used cars and trucks, and recreation among the indexes, major indexes that decreased during the month of March.