{"id":17073,"date":"2021-09-21T09:41:20","date_gmt":"2021-09-21T08:41:20","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=17073"},"modified":"2021-09-22T10:38:00","modified_gmt":"2021-09-22T09:38:00","slug":"united-states-a-deceptive-slowdown-in-inflation","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-a-deceptive-slowdown-in-inflation\/","title":{"rendered":"United States: a deceptive slowdown in inflation"},"content":{"rendered":"<h2>Chart of the week<\/h2>\n<p>August\u2019s inflation figures came in below expectations. Headline inflation in August rose by 0.3% compared to July, while core inflation (excluding food and energy) rose just 0.1% instead of the expected 0.3%*. These figures are the lowest since the start of the year, but do they indicate the end of \u2018transitory\u2019 inflation? An alternative method of measuring inflation, the median price change, suggests not. The price change that sits right in the middle of the long list of all the price change components reached 0.34%, its highest level since 2007*.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-17074\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2021\/09\/Graphique-semaine-26-angl-300x199.png\" alt=\"\" width=\"1699\" height=\"1127\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2021\/09\/Graphique-semaine-26-angl-300x199.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2021\/09\/Graphique-semaine-26-angl-768x509.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2021\/09\/Graphique-semaine-26-angl.png 896w\" sizes=\"auto, (max-width: 1699px) 100vw, 1699px\" \/><\/p>\n<h2><b>OUR ANALYSIS<\/b><\/h2>\n<p>The very high readings from April to June were due to extremes in certain categories such as second-hand cars and, more generally, those goods and services most affected by economic reopenings. As we wrote in July, prices in these categories had returned to normal.<\/p>\n<p>Much of the slowdown in August\u2019s core inflation can be explained by prices in these same categories falling due to a resurgence caused by the Delta variant. In fact, when measures are stripped of extreme readings, inflation is still accelerating.<\/p>\n<p>In the months ahead, the pandemic will continue to distort monthly and especially year-on-year readings. As such, close monitoring will be required to follow the actual trend in inflation rates.<\/p>\n<p>&nbsp;<\/p>\n<p>See also:\u00a0<a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-growth-hampered-by-automotive-industry-challenges\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-growth-hampered-by-automotive-industry-challenges\/<\/a><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">The following opinion was written on September 17, 2021 and is susceptible of changing.<\/span><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">*Sources : Bloomberg, and calculation from Lazard Fr\u00e8res Gestion<\/span><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">As of : September 17, 2021<\/span><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 &#8211; Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES &#8211; 75008 PARIS, FRANCE<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the week August\u2019s inflation figures came in below expectations. Headline inflation in August rose by 0.3% compared to&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":16024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2407,2408,1940,1922],"class_list":["post-17073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-consumer-prices","tag-economic-reopenings","tag-inflation-en","tag-united-states"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>United States: a deceptive slowdown in inflation &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"United States: a deceptive slowdown in inflation Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-a-deceptive-slowdown-in-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"United States: a deceptive slowdown in inflation &#8211; 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