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Economy in Brief
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
Italian Confidence Backtracks But Remains High-Valued As It Is for France and Germany
From Q1 2008 to date, Italian GDP actually has failed to grow and has declined by 5.8%...
U.S. Existing Home Sales & Prices Rise Again
The NAR reported that sales of existing homes increased 1.1% during March (-1.2% y/y) to 5.600 million units (AR)...
by Tom Moeller December 15, 2005
The consumer price index (CPI-U) fell 0.6% last month, posting the largest m/m decline since a 0.8% drop in July of 1949. Sharply lower gasoline prices and tame "core" goods prices caused the figure to exceed Consensus expectations for a 0.4% fall.
Prices less food & energy rose 0.2% in November and matched Consensus expectations. Core goods prices fell 0.1%, mostly due to a large 1.6% (NSA, -15.5% y/y) decline in computer & peripheral equipment prices. New & used vehicle prices also fell by 0.3% but it was due mostly to a 0.9% drop in used vehicle prices.
Pricing of many other goods was fairly firm. A 0.7% gain in furniture & bedding offset a 0.6% decline in appliance prices. Medical care commodity prices rose 0.6% (3.3% y/y) while educational books & supplies also rose 0.6% (5.4% y/y). Apparel prices rose 0.2% (-1.2% y/y) and tobacco prices rose 0.4% (6.1% y/y).
Core services prices increased 0.4% reflecting price gains of 0.6% (4.8% y/y) for medical care and 0.6% (6.2% y/y) for school tuition & fees. Shelter prices rose 0.3% (2.5% y/y) but public transportation prices were unchanged (5.9% y/y).
Energy prices fell 8.0% due to a 16.0% decline in gasoline prices to an average $2.26 per gallon (+16.1% y/y). Gasoline prices have fallen further in December to an average $2.17 while fuel oil prices also fell last month by 4.3% (+24.1% y/y. The bugger was a 2.1% rise in piped gas & electricity prices (19.8% y/y). A surprising 0.5% m/m decline (36.2% y/y) in natural gas prices will not likely be repeated given the rise in gas prices to record heights this month. Electricity prices rose 3.8% (11.3% y/y) in November.
The chained CPI which adjusts for shifts in the mix of consumer purchases fell 0.5% and less food & energy chain prices rose 0.3%.
Trend Inflation, Firm-Specific Capital, and Sticky Prices from the Federal Reserve Bank of Richmond can be found here.
| Consumer Price Index | Nov | Oct | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | -0.6% | 0.2% | 3.5% | 2.7% | 2.3% | 1.6% |
| Total less Food & Energy | 0.2% | 0.2% | 2.1% | 1.8% | 1.5% | 2.3% |
| Goods less Food & Energy | -0.1% | 0.0% | 0.1% | -0.9% | -2.0% | -1.1% |
| Services less Energy | 0.4% | 0.3% | 2.9% | 2.8% | 2.9% | 3.8% |
| Energy | -8.0% | -0.2% | 18.1% | 10.9% | 12.2% | -5.9% |
| Food | 0.3% | 0.3% | 2.2% | 3.4% | 2.1% | 1.8% |
| Chained CPI: Total (NSA) | -0.5% | 0.3% | 2.8% | 2.3% | 2.0% | 1.3% |
| Total less Food & Energy | 0.0% | 0.4% | 1.7% | 1.5% | 1.1% | 1.9% |
