This Friday the Bureau of Labor Statistics will publish the annual update of seasonal adjustment (SA) factors for consumer price inflation, ahead of the January CPI report on 13 February. This will lead to revised MoM% CPI prints for the past five years using those adjustments. Importantly, the non-seasonally data doesn’t change, so the full year YoY% numbers will remain unchanged. Last year’s revisions were more significant than usual in that they depressed the seasonally adjusted MoM% change for the first half of the year, but it led to upward MoM% revisions for the second half – it is important to remember that ... (full story)