According to Jinshi, Societe Generale expects the US core PCE deflator to grow by 0.3% in December, but this is only 0.3% after rounding. The core CPI grew by 0.309%. The core CPI generally runs faster than the core PCE, mainly due to the higher weights of rents and housing, which tend to grow much faster than the overall CPI. The key now is the slowing pace of the CPI, while the PCE is still falling rapidly. Sticky rents are the problem. The healthcare component of the core PCE has increased significantly, especially government-funded healthcare, while the CPI only includes household out-of-pocket healthcare expenses. After soaring during the COVID-19 pandemic, government and general healthcare costs are easing.