---
title: "Ever since COVID, January inflation has come in \"hot.\""
description: "Today's core CPI is no different. A proxy for underlying inflation is \"core\" services (in blue on the chart below courtesy of Robin Brooks) and that looks well-behaved. \nSo it could be that this \"hot\" reading is largely about noise and residual seasonality, as in 2023 and 2024...\n\nSource: Robin Brooks"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Ever since COVID, January inflation has come in "hot."](https://blog.syzgroup.com/syz-the-moment/ever-since-covid-january-inflation-has-come-in-hot)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Feb 12, 2025, 3:51:45 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/ever-since-covid-january-inflation-has-come-in-hot)

```json
{
  "@context" : "http://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Charles-Henry Monchau, CFA, CMT, CAIA"
  },
  "dateModified" : "2025-02-12T16:23:42.097Z",
  "datePublished" : "2025-02-12T15:51:45Z",
  "headline" : "Ever since COVID, January inflation has come in \"hot.\"",
  "image" : {
    "@type" : "ImageObject",
    "height" : 656,
    "url" : "https://25733253.fs1.hubspotusercontent-eu1.net/hubfs/25733253/1-Feb-12-2025-03-50-32-4233-PM.jpg",
    "width" : 738
  },
  "mainEntityOfPage" : "https://blog.syzgroup.com/syz-the-moment/ever-since-covid-january-inflation-has-come-in-hot",
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "height" : 60,
      "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png",
      "width" : 60
    },
    "name" : "Syz The Moment"
  }
}
```