CNBC’s Jim Cramer gave his take on Thursday’s consumer price index report for September.
CNBC's Jim Cramer explained Thursday's consumer price index report for September, saying although the figures showed increased inflation, they could have been worse.
"In the end, the CPI report wasn't great but it wasn't that bad either, and investors kept their composure, taking the slightly too hot inflation number in stride," he said."In the end, the CPI report wasn't great but it wasn't that bad either, and investors kept their composure, taking the slightly too hot inflation number in stride," he said.
While Cramer said he thinks the Labor Department's nonfarm payrolls report is the most important set of government data, the CPI comes in at second, especially in an inflated economy.In September, CPI increased 0.4% month over month and 3.7% year over year, slightly higher than Wall Street estimates. But the core CPI metric — which excludes food and energy costs — was in line with expectations, coming in at 0.3% month over month and 4.1% year over year.
Cramer highlighted one category in the report: services excluding energy, which was up 5.7% from September 2022. He said this was due to a 9.1% uptick in transportation service prices and a 7.2% increase in shelter prices. Medical care, he noted, was down 2.6%, but that wasn't enough to offset the spikes in housing and transportation.
While Cramer admitted those figures were not encouraging, he said it isn't a surprise that airfare, ride-share and rent costs have increased. However, he said it's possible those categories will"get some relief" going forward, suggesting that a cooling job market may lead to more ride-share drivers, potentially tamping down those prices."I'm just glad we've gotten through the two major economic reports of the month without any major issues.
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