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Economy in Brief
PMIs Stabilize or Creep Higher After Drop-Off
In the EMU, both the services and manufacturing sectors took a substantial step down one month ago...
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The FIBER Industrial Materials Price Index increased 0.4% during the last four weeks...
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
by Tom Moeller October 14, 2005
The consumer price index (CPI-U) was a bit stronger than Consensus expectations for a 0.9% rise last month. The 1.2% gain was the strongest for any month since 1980 and lifted the y/y increase to its strongest (4.7%) since 1991.
Higher energy prices continued to fuel the m/m increase and rose 12.0%, an all-time record. The 17.9% m/m rise in gasoline prices to an average $2.90 per gallon also was a record advance but prices have fallen slightly in October. Fuel oil prices also were strong, up 11.8% (46.0% y/y), while natural gas & electricity prices jumped 4.6% (13.5% y/y).
Prices less food & energy rose the same 0.1% as during the prior four months and again the gain was less than Consensus expectations for a 0.2% increase. Core goods prices rose 0.1% for the second consecutive month. Apparel prices fell 0.1% (-0.7% y/y) and most household furnishings prices fell as well. New vehicle prices rose 0.4% (0.7% y/y) and tobacco prices rose 0.7% (5.6% y/y).
Core services prices rose 0.1% for the second consecutive month as shelter prices fell 0.1% (+2.0% y/y) offset by a 0.3% (4.4% y/y) gain in medical care services prices. Public transportation prices rose 0.1% (7.5% y/y) for the second month and school tuition costs jumped 0.7% (6.3% y/y).
The chained CPI which adjusts for shifts in the mix of consumer purchases rose 0.8% and less food & energy chain prices rose 0.2%.
Update on the U.S. Economy and Fiscal Outlook, a speech made yesterday by Federal Reserve Board Governor Mark W. Olson, is available here.
| Consumer Price Index | Sept | Aug | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 1.2% | 0.5% | 4.7% | 2.7% | 2.3% | 1.6% |
| Total less Food & Energy | 0.1% | 0.1% | 2.0% | 1.8% | 1.5% | 2.3% |
| Goods less Food & Energy | 0.1% | 0.1% | 0.6% | -0.9% | -2.0% | -1.1% |
| Services less Energy | 0.1% | 0.1% | 2.5% | 2.8% | 2.9% | 3.8% |
| Energy | 12.0% | 5.0% | 35.1% | 10.9% | 12.2% | -5.9% |
| Food | 0.3% | 0.0% | 2.5% | 3.4% | 2.1% | 1.8% |
| Chained CPI: Total (NSA) | 0.8% | 0.4% | 3.5% | 2.3% | 2.0% | 1.3% |
| Total less Food & Energy | 0.2% | 0.2% | 1.8% | 1.5% | 1.1% | 1.9% |
