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Economy in Brief
U.S. Mortgage Applications Continue to Weaken
The MBA Loan Applications Index fell 1.2% (-54.5% y/y) in the week ended May 20...
German Climate Reading Continues to Skid Toward the Abyss
Germany's GfK consumer climate reading improved ever so slightly in June...
U.S. New Home Sales Plunge in April as Prices Jump
The new home sales market is unraveling...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $4.59 per gallon in the week ended May 23...
S&P Flash PMIs Are Mixed in May As Manufacturing Erodes Slowly
Among the early reporting countries in Europe and Japan, the S&P PMI readings for May tilt toward weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
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% |
