Breaking down the September CPI: Core goods is +0.22%, the fourth straight month of a chunky increase of at least 0.2%. That pushed the 12-month core goods to 1.5%. Before the pandemic, this measure hovered around 0%. Shelter was a soft +0.21%. The lower rent/OER prints that people have been expecting for the past 2-3 years are finally flowing through. Shelter is closing in on its pre-pandemic trend. Core services ex-housing was +0.35%, and +3.2% on the year. Still above the pre-pandemic trend.(Nick Timiraos)