The BLS annual revisions to the CPI seasonal adjustment factors released on February 10 go back 5 years. The revisions don’t change the overall picture for the CPI performance in the last few years. Most of the revisions are small and offsetting on a month-over-month basis. However, it is notable that the CPI seasonally adjusted monthly percent change in the last three months of 2022 was higher than previously reported. The increases are minimal, but it does add a fresh bit of weight to Fed policymakers’ argument that inflation is not yet tamed and monetary policy needs to remain restrictive for a time.
There is no revision in the year-over-year percent changes since those are reported on an unadjusted basis.
The January CPI data will be released at 8:30 ET on Tuesday, February 14. Also on Tuesday, February 14 is the release of the annual revisions to the final demand producer price index which will be for 5 years through December 2022. The January PPI numbers will be released at 8:30 ET on Thursday, February 16.
