Recent Updates
- Flash PMIs: France, Germany, Euro Area, UK, US (Nov)
- US: Chicago Fed National Activity Index (Oct)
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Economy in Brief
PMIs Bend lower in EMU on Covid-19 Actions
Economies in Europe, the U.K., and even Japan are being beaten back by the Covid-19 virus...
FIBER: Industrial Commodity Prices Show Widespread Strength
The FIBER Industrial Materials Price Index increased 3.1% (7.7% y/y) during the last four weeks...
U.K. Retail Sales Rebound Strongly
U.K. retail sales have rebounded strongly in October, rising by 1.4%...
U.S. Existing Home Sales & Prices Strengthen During October
The National Association of Realtors (NAR) reported that sales of existing homes increased 4.3% (26.6% y/y) in October...
E-Commerce Sales Slip in Q3'20
During the third quarter of this year, retail sales via the internet (E-Commerce) eased 1.0%...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Unique Recession & Unusual Policies Create Uncertain Economic Outlook
State Labor Markets in October
Something Missing: Federal Income Taxes Are Missing the Rebound in Jobs & Income
A Vaccine Game Changer And What It Might Mean
Are Investors Prepared For A "Watershed" Election Outcome & A Rebirth of Federal Activism?
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% |
