Recent Updates
- Australia: Job Vacancy Report (Sep)
- China: Beijing PPI (Q3)
- Markit PMI: Manufacturing Survey - Australia (Sep)
- Euro area: Flash Consumer Confidence (Oct), ECB Banking Lending Survey (Q4)
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Economy in Brief
U.S. Energy Prices Ease
Gasoline prices fell four cents last week to an average $2.84 per gallon (+14.6% y/y)...
German PPI Makes Sharp Gain on Rising Energy Costs
The German PPI rose by a strong 0.6% in September, but the PPI excluding energy gained just 0.1%...
FIBER: Industrial Commodity Prices Fall Further
The FIBER Industrial Materials Price Index declined 1.3% during the last four weeks...
Japan’s METI Sector Indexes Rebound But Still Lag
Japan's economy continues to fight for revival...
U.S. Existing Home Sales Continue to Weaken, Dragging Down Prices
The NAR reported that sales of existing homes during September declined 3.4% to 5.150 million...
by Tom Moeller April 20, 2005
Consumer Prices (CPI-U) rose 0.6% in March versus Consensus expectations for a 0.5% rise.Prices less food & energy rose 0.4%, double expectations for a 0.2% increase.
Energy prices doubled the prior month's increase with a 4.0% gain fueled by a 7.9% (16.8% y/y) jump in gasoline prices. In April gasoline prices have moved higher to an average $2.25 per gallon versus $2.08 in March although in the latest week prices backed off the high of $2.28. Fuel oil prices rose 4.6% (28.2% y/y) but natural gas & electricity prices fell 0.3% (+6.4% y/y).
Services price inflation firmed further last month. Less energy, the 0.5% gain in March was the strongest since November 2001. Shelter prices doubled the prior month's increase with a 0.6% (3.0% y/y) rise and medical care services prices again popped 0.6% (5.0% y/y). Public transportation prices surged 1.3% (0.2% y/y) following three months of flat-to-down movement and school tuition firmed further with a 0.6% (6.4% y/y) rise.
Core goods price inflation again was tame owing to a 0.4% (+0.9%) decline in new vehicle prices, a 0.7% decline (NSA, -15.2% y/y) in computer prices, no change in furniture prices (0.3% y/y) and no change in medical care commodities (2.2% y/y). Apparel prices, however, firmed and rose 0.8% (0.0% y/y).
Food prices rose 0.2%s. Fruit & vegetable prices declined for the fourth straight month (+1.6% y/y) and meat, poultry & fish prices rose 0.2% (2.7% y/y).
The chained CPI which adjusts for shifts in the mix of consumer purchases jumped 0.7%. Core chain prices rose 0.5%.
Has the Bond Market Forgotten Oil? from the Federal Reserve Bank of St. Louis can be found here.
| Consumer Price Index | Mar | Feb | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 0.6% | 0.4% | 3.2% | 2.7% | 2.3% | 1.6% |
| Total less Food & Energy | 0.4% | 0.3% | 2.4% | 1.8% | 1.5% | 2.3% |
| Goods less Food & Energy | 0.0% | 0.0% | 0.6% | -0.9% | -2.0% | -1.1% |
| Services less Energy | 0.5% | 0.3% | 3.0% | 2.8% | 2.9% | 3.8% |
| Energy | 4.0% | 2.0% | 12.3% | 10.9% | 12.2% | -5.9% |
| Food | 0.2% | 0.1% | 2.6% | 3.4% | 2.1% | 1.8% |
| Chained CPI: Total (NSA) | 0.7% | 0.5% | 2.6% | 2.3% | 2.0% | 1.3% |
| Total less Food & Energy | 0.5% | 0.6% | 1.9% | 1.5% | 1.1% | 1.9% |
