Services Inflation Excluding Housing Remains Elevated

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 Services Inflation Excluding Housing (Blue Line) Remains Elevated

Utilities are stoking inflation and need some action to address them.

Source: Federal Reserve Bank of St. Louis 4

Services inflation is driven in large part by a tight labor market’s effect on wages. That means investors’ approach to inflation this year should involve monitoring average hourly wage data, as well as keeping an eye on the Bureau of Labor Statistic’s employment cost index release. These are the inflation metrics the Fed is watching most closely to determine the path of interest rates, so it makes sense that investors should be honing-in on this aspect of inflation, too.


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