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Economy in Brief
Philadelphia Fed Factory Conditions Plunge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index retreated to 19.9 during June...
U.S. FHFA House Price Index Improves Minimally
The FHFA U.S. house price index nudged 0.1% higher (6.4% y/y) during April...
U.S. Initial Unemployment Insurance Claims Down Slightly
Initial claims for unemployment insurance were 218,000 during the week ended June 16...
U.S. Existing Home Sales Decline While Prices Rise
The NAR U.S. existing home sales fell 0.4% (-3.0% y/y) during May to 5.430 million units (AR)...
U.S. Current Account Deficit Widens
The U.S. current account deficit rose to $124.1 billion during Q1 2018...
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% |
