U.S. Annual CPI Revisions Leave Picture Looking Little Changed
The much discussed annual US CPI revisions turned out to produce few major changes, a contrast to last year when late year data was revised up and early year data was revised down. The lack of significant revisions this year leaves the progress on inflation seen in the second half of 2023 intact.
The net revisions over the year were always sure to be neutral, as it is simply the seasonal adjustments that are updated. There are no revisions to yr/yr data.
Headline CPI saw December and August revised down by 0.1%, and October and November revised up by 0.1%.
The ex food and energy data shows April revised up by 0.1% and March and August revised down by 0.1%, though before rounding the revisions are neutral.
Soft data in June and July is not quite as soft after the revisions though stronger data in May and August was revised down. The revisions to the last four months are minimal leaving the recent picture looking similar to what it did before.
