Recent Updates
- US: Consumer Sentiment (Aug-prelim), Import/Export Prices (Jul)
- US: Consumer Sentiment Detail (Aug-prelim)
- US: Vehicle Miles Driven by State (Jun)
- Bulgaria: Agricultural PPI (Q2) Central Bank Survey (Jul)
- Blue Chip: Blue Chip Economic Indicators (Aug)
- more updates...
Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller CPI Total & Core Up 0.2% July 18, 2007
The June consumer price index (CPI-U) was up 0.2%, a moderation from the 0.7% increase in May.The rise was a bit faster than Consensus expectations for a 0.1% increase.
Prices less food & energy rose 0.2%, in line with expectations. The rise was up slightly from the 0.1% rise during May but the same as the average monthly increase during the first half of 2007.
Core goods prices fell 0.1% for the fourth consecutive month. Lower apparel prices account for much of that weakness with a 0.6% (-1.4% y/y) decline in June after a 0.3 fall in May. In the durables sector, new & used motor vehicles rose 0.1% (-2.0% y/y) while household furnishings & operation prices rose 0.1% (0.1% y/y).
Core services prices rose just 0.3% (3.4% y/y). Medical care prices rose 0.2% (4.0% y/y) but computer & services prices fell 1.8% (-16.6 y/y). Shelter prices rose 0.4% (3.7% y/y).
Energy prices fell 0.5% (+4.6% y/y led by the 1.1% (+5.0% y/y) drop in gasoline prices. They already have fallen another 2.0% in July but the latest weekly figure shows a rebound. Fuel oil prices rose 1.9% (1.0% y/y) and natural gas and electricity fell 0.1% (+4.5% y/y).
Food & beverage prices rose 0.5% (4.0% y/y) led by a 3.2% (6.6% y/y) increase in dairy products.
The chained CPI, which adjusts for shifts in the mix of consumer purchases, rose 0.2% (2.3% y/y) and the core figure was unchanged (1.8% y/y).
| Consumer Price Index | June | May | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total | 0.2% | 0.7% | 2.7% | 3.2% | 3.4% | 2.7% |
| Total less Food & Energy | 0.2% | 0.1% | 2.2% | 2.5% | 2.2% | 1.8% |
| Goods less Food & Energy | -0.1% | -0.1% | -0.8% | 0.2% | 0.5% | -0.9% |
| Services less Energy | 0.3% | 0.3% | 3.4% | 3.4% | 2.8% | 2.8% |
| Energy | -0.5% | 5.4% | 4.6% | 11.1% | 16.9% | 10.8% |
| Food & Beverages | 0.5% | 0.3% | 4.0% | 2.3% | 2.4% | 3.4% |
| Chained CPI: Total (NSA) | 0.2% | 0.4% | 2.3% | 2.9% | 2.9% | 2.5% |
| Total less Food & Energy | 0.0% | 0.0% | 1.8% | 2.3% | 1.9% | 1.7% |
