A Bloomberg measure of U.S. consumer services prices excluding shelter rose by 3.91% Y/y in September, the rate is slower than the prior but remains above its 10-year average of 2.72%
The metric has been in focus over this cycle of high inflation as it attempts to filter the noise from more volatile items and bring colour to progress on the Fed's path to price stability
On the month, the "supercore" CPI rose by 0.61%, this is the fastest pace seen in a year. The broad core CPI metric also came in faster than the prior month at 0.323% vs 0.279%. Services prices ex-energy services rose by 0.420%, the largest monthly rise since February
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