The breakdown of service vs goods inflation is really interesting especially when services jumped 0.74% while goods stayed flat. I've seen a lot of people in my network just repeating "tariffs=inflation" as if it's gospel but this data clearly shows way more dynamics at play. That divergence between PPI and CPI correlation post-2022 is something I hadn't thought about before but it makes sense when you considr how many supply chain and demand shifts happened. The decline in industrial supplies imports alongside rising exports is kinda counterintuitive too.