Today’s CPI prints were close to expectations. Headline CPI came in one tenth above consensus at 0.3% m/m, but that was mostly driven by gasoline and electricity prices. The core measure was thus in line with consensus at 0.2% m/m. Core goods was once again slightly positive on a monthly basis (0.03%), following some months of falling prices, while core services rose at 0.27% m/m. In October, shelter costs (≈56% of core services and ≈33% of total CPI) were surprisingly low at 0.05% m/m, but gained momentum in November at ≈0.3% m/m. We expect shelter costs to rise close to the November figure over the next months as ... (full story)