Headline CPI came in lower than expected for the first time since last November, with core inflation also surprising to the downside. To a large extent this looks like a reversal of reopening driven demand; according to data series calculated by Bloomberg Economics, prices geared toward reopening subtracted 0.22% from the monthly headline change. On the flip side, those prices less exposed to a re-opening contributed 0.35%, the highest since at least the end of 2016.