Once again, inflation exceeded expectations. The overall and core consumer price indices ((CPI)) rose 0.6 per cent and 0.7 per cent respectively from the previous month, both exceeding expectations of a 0.5 per cent rise, and overall CPI growth of 5 per cent year-on-year.

Categories such as used cars rose as usual, but the category of department stores also rose. The figure below shows the year-on-year changes in the main categories. Will this number change anyone's mind? Probably not-temporary inflation can still be said to be the impact of supply bottlenecks and shocks. However, you may feel a little sorry if your short bond position is forced to stop losing money this week.

In addition, initial claims for unemployment benefits were almost in line with expectations, but continued claims for unemployment benefits were slightly lower than expected.