When the headline CPI number on a year-over-year basis fell 30 basis points to 3.1% last week, it delivered a mixed message, according to a new industry analysis video from Marcus & Millichap.

The reading put it where it was last November.

But the metric that's truly grabbing Wall Street's attention, according to Marcus & Millichap's John Chung, is the 40-basis point month-over-month increase in core CPI inflation, the largest month-over-month increase since April of 2023.

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