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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
MNI DATA ANALYSIS: US February CPI On-Target +0.2%, Core +0.2%>
--Overall CPI Rises To 2.2% Y/Y, Core CPI Stays At +1.8% Y/Y
By Kevin Kastner and Holly Stokes
WASHINGTON (MNI) - The February CPI data presented no real
surprises, allowing analysts to turn their attention to Wednesday's
retail sales report, data released Tuesday morning showed.
--CPI ON EXPECTATIONS
Overall CPI posted a 0.2% rise, as expected, while core CPI also
came in at 0.2%, on expectations. One positive for inflation watchers
was how close the overall came to being softer than expected.
Unrounded, the month/month rise for overall CPI was +0.15005%,
close to being rounded down to a 0.1% increase. The unrounded increase
for core CPI was +0.18176%.
Forecasts tend to be fairly accurate for CPI, as the previous four
February releases have been correct for the overall number, so today's
data confirm that trend.
--YEAR/YEAR PRICES ROUGHLY UNCHANGED
Overall, the data points to contained core consumer inflation, with
the year/year rate remaining well below the 2% threshold, but it is
creeping up closer to that point, as the skittish financial markets pay
close attention.
The year/year rate for overall CPI ticked up to 2.2% from 2.1% in
January, while the year/year rate for core CPI stayed at 1.8%, so
markets will likely shrug this off and move onto the next key data
point, retail sales to be released on Wednesday.
--CORE MEASURES MIXED, ENERGY SOFT
Within core CPI, owners equivalent rents rose 0.2%, while apparel
prices jumped by 1.5%. There was some offset by declines in new and used
vehicle prices and a small drop in medical care, particularly
prescription drugs.
Energy prices rose by only 0.1% in the month after a 3.0% surge in
January. Gasoline prices fell 0.9% and fuel oil prices fell by 3.6%,
offsetting small price gains in electricity and natural gas prices.
Excluding only energy prices, the February CPI would have been still
been up 0.2%.
Food prices were flat in February, with food at home down 0.2% and
food away from home up 0.2%.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.