CNBC's Jim Cramer questioned whether the hotter-than-expected consumer price index data accurately represents the state of inflation, saying Wall Street's wave of Wednesday selling could have been a mistake.
"These headline CPI numbers do not reflect reality as I see it."
The Bureau of Labor Statistics CPI is a key inflation metric — a broad measure of the cost of goods and services across the economy.
Cramer first pointed to the 0.9% month-over-month increase in the price of meat, poultry, fish and eggs, with the latter alone climbing 4.6%.
"I'm not talking about the absolute numbers, I'm talking about the trendlines, because the trendlines suggest that selling in response to this report may have been and could be a mistake."
Persons:
CNBC's Jim Cramer, Dow Jones, Cramer
Organizations:
Labor Statistics CPI, Cal, Maine Foods, U.S
Locations:
Texas