Headline CPI rose .6% m/o/m, double expectations and brings the y/o/y gain to 2.5%, the highest level in almost 5 years. Yes, energy was a main factor (up 4% m/o/m and 11% y/o/y) but the rate ex energy and food jumped .3% m/o/m and 2.3% y/o/y, also above expectations. The core rate pace matches the most since September 2008 as services inflation ex energy was up .3% …
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