- New Zealand: Building Consents Issued (Jan)
- Korea: Economic Sentiment and Business Survey Index (Feb)
- US: Regional Building Permits (Jan and YTD)
- US: CPI, Advance Durable Goods (Jan)
- Canada: CPI (Jan), Payroll Employment, Earnings & Hours (Dec)
- Netherlands: LFS (Jan and revisions)
- Ireland: Earnings Survey (Q4)
- Brazil: IGP-M (Feb), Employment (Jan); Mexico: Trade (Jan);
- more updates...
Economy in Brief
U.S. Durable Goods Orders Rebound as Aircraft Orders Jump; Trend Growth Weakens
New orders for durable goods improved 2.8% (5.4% y/y) following sharp declines in four of the previous five months...
U.S. FHFA Home Price Index Ends 2014 at Firm Pace
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.8% in December, after November's 0.7% gain...
U.S. Initial Unemployment Insurance Claims Unexpectedly Rebound to Six-Week High
Initial unemployment insurance claims increased to 313,000 during the week ended February 21 from 282,000 in the prior week...
German Climate to Reach New High in March
Climate is expected to improve to 9.7 in March from 9.3 in February...
U.S. New Home Sales Hold Steady at Cycle High as Prices Weaken
New home sales during January were little-changed at 481,000 (5.3% y/y) following 482,000 sales during December...
U.S. Mortgage Loan Applications Fall Further as Interest Rates Rise
The MBA total Mortgage Market Volume Index declined 3.5% last week (+20.6% y/y)...
by Tom Moeller February 26, 2015
The consumer price index fell 0.7% during January following a revised 0.3% decline during December, earlier reported as -0.4%. It was the largest monthly drop since December 2008 and the 12-month change of -0.1% was the greatest decline since October 2009. January's decline compared to -0.6% expected in the Action Economics Forecast Survey. Energy prices pulled the CPI lower last month with a 9.7% decline (-19.6% y/y). Prices excluding food & energy improved 0.2% (1.6% y/y) following two months of 0.1% increase. Expectations had been for a 0.1% uptick.
The decline in energy prices reflected an 18.7% plunge in gasoline prices (-35.4% y/y). Prices have fallen 35.6% from their interim high last June. Fuel oil prices declined 9.9% (-29.7% y/y) and natural gas prices were off 3.4% (-0.4% y/y). Electricity costs rose 0.9% (2.5% y/y).
Food prices were relatively stable last month (3.2% y/y) following several months of moderate increase. Egg prices were off 1.8% (+8.2% y/y) while dairy prices declined 0.9% (+3.8% y/y). Fruit & vegetable costs also fell 0.9% (+2.3% y/y) while meat prices ticked 0.1% higher (12.5% y/y). Cereal & bakery product prices increased 0.7% (0.9% y/y) and nonalcoholic beverage prices improved 0.1% (0.9% y/y).
Prices for goods excluding food & energy slipped 0.1% (-0.8% y/y), the third straight month of decline. Furniture & bedding costs fell 0.5% (-2.2% y/y). Recreation goods prices also declined 0.5% (-2.8% y/y) and medical care goods prices were off 0.3% (+3.9% y/y). New vehicle prices slipped 0.1% (+0.5% y/y). To the upside, appliance prices ticked 0.1% higher (-4.9% y/y) and apparel prices gained 0.3% (-1.4% y/y).
Remaining firm were services prices which posted 0.3% rise (2.4% y/y) following four straight months of 0.2% increase. Tuition & other school fees jumped 0.5% (3.5% y/y) and recreation services prices also gained 0.5% (1.6% y/y). Transportation services fees gained 0.4% (2.1% y/y) while shelter prices rose 0.3% (2.9% y/y). Owners' equivalent rents of primary residence costs increased 0.2% (2.6% y/y). Medical care services prices gained 0.1% (2.3% y/y) but public transportation prices slipped 0.1% (-1.8% y/y).
The consumer price data is available in Haver's USECON database while detailed figures can be found in CPIDATA. The expectations figure is from Action Economics and is found in the AS1REPNA database.
|Consumer Price Index (%)||Jan||Dec||Nov||Jan Y/Y||2014||2013||2012|
|Total less Food & Energy||0.2||0.1||0.1||1.6||1.7||1.8||2.1|
|Goods less Food & Energy||-0.1||-0.2||-0.3||-0.8||-0.3||-0.0||1.3|
|Services less Energy||0.3||0.2||0.2||2.5||2.5||2.4||2.4|