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Economy in Brief
U.S. Financial Accounts See Borrowing Ease with Downswing in Federal Government Needs
Borrowing in U.S. financial markets slowed in Q2 2018...
U.S. Leading Economic Indicators Increase
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (6.4% y/y)...
U.S. Existing Home Sales Hold Steady
The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%)....
Philadelphia Fed Factory Conditions Improve; Prices Weaken Again
The Philadelphia Fed that its General Factory Sector Business Conditions Index rose to 22.9 during September...
U.S. Initial Claims for Unemployment Insurance Edge Down Further
Initial unemployment insurance applications decreased to 201,000 (-21.2% y/y) during the week ended September 15...
Special Topics
by Tom Moeller March 23, 2005
Consumer Prices (CPI-U) rose 0.4% in February, the strongest monthly increase since October and exceeded Consensus expectations for a 0.3% rise.
A 0.3% gain in prices less food & energy also was the firmest since last September and beat expectations for a 0.2% increase.
Services price inflation firmed slightly last month and caused the acceleration. Less energy, services prices rose 0.3% versus 0.2% gains during the prior four months. Shelter price inflation moved slightly higher to 0.3% (3.0% y/y) and medical care services prices ramped to a 0.6% (5.0% y/y) gain after four months at 0.4%. Public transportation prices were unchanged (-1.0% y/y) following two months of decline but school tuition rose 0.5% (6.5% y/y).
Goods prices less energy were unchanged (0.7% y/y) after a 0.3% January gain despite a 0.4% (5.0% y/y) increase in tobacco prices. New vehicle prices rose just 0.1% (1.1% y/y) while apparel prices (0.0% y/y) and furniture prices (0.3% y/y) both fell 0.2%. Personal computer prices also fell 3.6% (NSA, -15.6% y/y).
Energy prices moved up 2.0%. Gasoline prices rose 3.2% (14.7% y/y) last month and so far in March gasoline prices have moved roughly another 10% higher to $2.11 per gallon. Fuel oil prices rose 1.4% (21.5% y/y) and natural gas & electricity prices rose 0.8% (5.1% y/y).
Food prices rose 0.1% for the second month, the gain held back by another decline in fruit & vegetable prices (+2.3% y/y).
The chained CPI which adjusts for shifts in the mix of consumer purchases jumped 0.5%. Core chain prices also rose a strong 0.6%.
| Consumer Price Index | Feb | Jan | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 0.4% | 0.1% | 2.9% | 2.7% | 2.3% | 1.6% |
| Total less Food & Energy | 0.3% | 0.2% | 2.3% | 1.8% | 1.5% | 2.3% |
| Goods less Food & Energy | 0.0% | 0.3% | 0.7% | -0.9% | -2.0% | -1.1% |
| Services less Energy | 0.3% | 0.2% | 2.9% | 2.8% | 2.9% | 3.8% |
| Energy | 2.0% | -1.1% | 10.3% | 10.9% | 12.2% | -5.9% |
| Food | 0.1% | 0.1% | 2.6% | 3.4% | 2.1% | 1.8% |
| Chained CPI: Total (NSA) | 0.5% | 0.2% | 2.6% | 2.3% | 2.0% | 1.3% |
| Total less Food & Energy | 0.6% | 0.2% | 2.0% | 1.5% | 1.1% | 1.9% |
