Core services excluding shelter — "supercore" — computed daily from this site's service components: dining out, medical care, recreation, education and the core-services residual, weights renormalized. It is the Fed's preferred read on sticky, wage-driven inflation.
Goods prices swing with supply chains and energy; shelter lags by construction. What remains — services priced mostly on labor — is where inflation becomes self-sustaining. When supercore refuses to cool, wage pressure is feeding prices; that is the number that keeps the Fed hawkish.
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