Inflation Tracker
NAA Inflation Tracker: September 2023

September, 2023 | Updated September, 2023
CPI, Latest Release, August 2023
The August inflation release contained more positives than negatives and largely came in at expectations. The headline number increased, as anticipated, for the second month in a row due to a rise in gas prices, responsible for more than half of the total CPI…
NAA Inflation Tracker: August 2023

August, 2023 | Updated August, 2023
CPI, Latest Release, July 2023
Despite a year-over-year increase in the headline number, inflation came in below expectations once again, up 3.3% seasonally adjusted. Core CPI, arguably more important given its persistence, continued to move in the right direction, down to 4.7%, the lowest level…
NAA Inflation Tracker: July 2023

July, 2023 | Updated July, 2023
CPI, Latest Release, June 2023
Inflation came in below expectations, with the headline number, 3.1%, at its lowest level since March 2021. Core CPI, which by its nature is stickier, dipped below 5% year-over-year for the first time since October 2021 and experienced its lowest monthly increase…
NAA Inflation Tracker: June 2023

June, 2023 | Updated June, 2023
CPI, Latest Release, May 2023
Both headline and core CPI met analysts’ expectations, with the headline number up 4.1% year-over-year on a seasonally adjusted basis, its lowest level in more than two years. Core CPI remained much higher than the Fed would like at 5.3% but is still moving in the…
NAA Inflation Tracker: May 2023

May, 2023 | Updated May, 2023
CPI, Latest Release, April 2023
Inflation rose 5.0% year-over-year on a seasonally adjusted basis, in line with concession expectations and matching last month’s rate. Core CPI (excluding food and energy) has settled in the 5.5%-5.6% range for four months. Monthly trends don’t reveal anything…
NAA Inflation Tracker: April 2023

April, 2023 | Updated April, 2023
CPI, Latest Release, March 2023
Inflation surprised on the upside, accelerating at rates below the consensus forecast. On a monthly basis, headline CPI rose just 0.1%, and increased 5.0% annually, the slowest pace since May 2021. Prices excluding food and energy remained stubbornly sticky and…
NAA Inflation Tracker: March 2023

March, 2023 | Updated March, 2023
CPI, Latest Release, February 2023
There were no surprises in this month’s CPI release as all measures of inflation came in largely as expected. The headline rate was up 6.0% year-over-year, seasonally adjusted, while the core rate (excluding food and energy) increased 5.5%. The headline number…
NAA Inflation Tracker: February 2023

February, 2023 | Updated February, 2023
CPI, Latest Release, January 2023 Inflation continued its path in the right direction in January, rising 6.3% year-over-year on a seasonally adjusted basis, slightly higher than consensus forecasts. This was the seventh consecutive month of deceleration. On a monthly basis, prices rose 0.5% after…
NAA Inflation Tracker: January 2023

January, 2023 | Updated January, 2023
CPI, Latest Release, December 2022
There were no surprises in this month’s CPI report, with most measures matching analysts' expectations. Headline CPI increased 6.4% year-over-year (seasonally adjusted) while price increases excluding food and energy decelerated to 5.7%. Both measures came in…
NAA Inflation Tracker: December 2022

December, 2022 | Updated December, 2022
CPI, Latest Release, November 2022
Once again, inflation came in lower than consensus forecasts, measuring 7.1% year-over-year and just 0.1% over the month. Core inflation, excluding food and energy, was up 6.0% and 0.2%, its lowest increase since August 2021. In addition to gasoline (down 3.5%),…