Headline inflation rose 0.4% m/m and 3.7% y/y in September, partly due to higher energy prices with the gasoline CPI
component rising 2.1% m/m and 3.0% y/y. However, there could be better news coming on this front. This week’s chart
shows daily gasoline prices, WTI crude oil prices and the spread between the two, which reflects taxes, distribution
costs and, most importantly, refining margins.
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