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- Australia: Value of Private Construction (Q2); New Zealand: BOP, IIP (2018), International Trade, Residential Mortage, Foreign Currency Assets and Liabilities and Currency Flows (Aug)
- Thailand: Nonperforming Loans (Aug)
- Germany: **Wholesale Trade Prices rebased from 2010=100 to 2015=100**
- US: S&P Case Shiller Home Price Indexes (Jul); FHFA House Price Indexes (Jul); Consumer Confidence (Sep)
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Economy in Brief
U.S. FHFA House Price Rise Moderates
The Federal Housing Finance Agency (FHFA) Price Index for house purchases increased 0.2% in July (6.4% y/y)...
Philadelphia Fed Nonmanufacturing Business Activity Index Improves
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level increased to 46.8 in September...
U.S. Gasoline Prices Remain High; Crude Oil Costs Strengthen
Gasoline prices, at $2.84 per gallon last week (10.1% y/y), were unchanged from the prior week...
French Manufacturing Takes a Sizable Step Back
France's INSEE manufacturing survey fell sharply as the headline climate index shed the better part of three points...
Texas Factory Sector Index Retreats; Expectations Are Mixed
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index fell to 28.1 in September...
by Tom Moeller June 15, 2005
The CPI-U fell 0.1% in May, the first m/m decline since last July and compared to Consensus expectations for a 0.1% rise. During the first five months of 2005 the CPI is up 4.7% at an annual rate.
Pricing power less food & energy continued modest. A 0.1% increase followed no change in April and during the first five months of this year the core CPI is up 2.4% at an annual rate. Consensus expectations had been for a 0.2% May increase.
The 0.2% increase in core goods prices recovered some of April's decline led by a 0.5% m/m gain in used car & truck prices and a 0.5% gain in medical care commodities. Apparel prices were unchanged (-0.8% y/y) following April's 0.6% decline and home furnishings & operation prices rose 0.6% (1.1% y/y) due to strength in the "other" category. New motor vehicle prices rose 0.1% (0.9% y/y).
Services price inflation eased from the low reading in April. Shelter prices were unchanged for the second consecutive month (2.4% y/y) and medical care services prices rose the same 0.3% as during April (5.0% y/y). Public transportation prices were strong for the third consecutive month though the 0.7% gain (3.5% y/y) was down from 1.7% and 1.3% during the prior two months. School tuition costs firmed 0.7% (6.7% y/y).
Energy prices fell 2.0% led by a 4.4% drop in gasoline prices which have fallen another 1.8% so far in June to an average $2.12 per gallon.
Food price inflation eased to 0.1% following the 0.7% jump in April.
The chained CPI which adjusts for shifts in the mix of consumer purchases was unchanged and less food & energy chain prices fell 0.1%.
| Consumer Price Index | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | -0.1% | 0.5% | 2.8% | 2.7% | 2.3% | 1.6% |
| Total less Food & Energy | 0.1% | 0.0% | 2.2% | 1.8% | 1.5% | 2.3% |
| Goods less Food & Energy | 0.2% | -0.1% | 0.6% | -0.9% | -2.0% | -1.1% |
| Services less Energy | 0.1% | 0.2% | 2.7% | 2.8% | 2.9% | 3.8% |
| Energy | -2.0% | 4.5% | 9.8% | 10.9% | 12.2% | -5.9% |
| Food | 0.1% | 0.7% | 2.4% | 3.4% | 2.1% | 1.8% |
| Chained CPI: Total (NSA) | 0.0% | 0.5% | 2.5% | 2.3% | 2.0% | 1.3% |
| Total less Food & Energy | -0.1% | 0.2% | 1.8% | 1.5% | 1.1% | 1.9% |
