Some highlights

  • Accommodation costs 6.2% y / y – the fastest pace since February 1990
  • Food + 5.7% before + 5.2%
  • Excluding gasoline, CPI increased 4.3% before 4.0% y / y.
  • Services + 3.4% before + 3.4%
  • Goods + 7.2% before + 6.8%
  • Wages rose 2.4% and 2.6% a year ago.
CPI Contributors
Retail sales
The retail control group returned to + 4.8%
  • January retail sales rose 3.8% to 2.1%
  • December sales -1.9% improved to -2.5%.
  • Retail sales 3.8% vs 2.1% estimate
  • Ex autos 3.3% and 0.8% estimate.
  • Older cars last month -2.3%
  • Control group estimates 4.8% and 1.0%. The control group does not include oil, gas and construction materials.
  • Control group last month -3.1%
  • Total sales from November 2021 to January 2022 increased by 16.1 percent over the same period a year ago.
  • Gas stations sales increased by 33.4 percent from January 2021.
  • Food service in shopping malls increased by 27.0% compared to the previous year.
  • Retail sales grew by 4.4 percent in December 2021 and up 11.4 percent over the previous year.

Remember last month, retail sales were much weaker than expected (-1.9% by 0.0%). But as Adam pointed out last month, December retail sales are already longing for global trends in holiday shopping. There have been concerns over supply shortages this year, possibly due to last month’s downturn.

However, despite last month’s rebounding low to -2.5% to -1.9% and omicron cases, this month’s recovery is truly impressive.