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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
U.S. Initial Unemployment Insurance Claims Slip
Initial claims for jobless insurance eased to 213,000 (-2.6% y/y) during the week ended January 12...
Passenger Car Registrations Hold to Low Ground in Europe
Passenger car registrations in Europe fell on a year-over-year comparison for the fourth consecutive months in December...
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% |
