January CPI flat (unrounded -0.020%) vs by..>

US DATA: January CPI flat (unrounded -0.020%) vs +0.1% expected by 

analysts, matching the flat reading expected by markets, with energy 

prices -3.1% on gasoline (-5.5%). Ex only energy, CPI would have been 

+0.2% (+2.1% y/y). Food prices +0.2%. 

- Core CPI +0.2% (+0.240% unrounded) as expected, with the 

large owners' equivalent rents category +0.3% and medical care +0.2%, 

but new vehicle prices +0.2%, apparel prices +1.1%, and used vehicle 

prices +0.1%. CPI prices for wireless telephone services -0.1%, 

reflecting new quality adjustments.

- The y/y rate for headline CPI fell to +1.6% vs +1.9% in December on 

base effects from a large gain in January 2018 that could be offset 

next month. The y/y rate for core CPI remained at +2.2%, the same as in 

the previous month.

- Overall, the data suggests that consumer inflation growth is steady 

for the core categories, but the headline number is softening.