We just had the October inflation data from the US, and our projections were spot on. 0% MoM and 3.23% YoY, is a sign of successful cooling but also that tailwinds from base-effects are long gone. 

As we rightly called, the energy component has collapsed, and while the category doesn’t contribute much (in its separate bracket) it does however feed into most of the other.  

Chart 1: CPI decomposition