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Free AccessMNI DATA IMPACT: US January CPI +0.1%; Core Up +0.2%>
--CPI +2.5% yoy; Core CPI +2.3% yoy
--Energy -0.7%; Food +0.2%
By Ryan Hauser
WASHINGTON (MNI) - The Consumer Price Index for January increased
by 0.1%, according to a Bureau of Labor Statistics report released this
morning. The increase came in below market expactions of a 0.2% increase
and is a deceleration from December's 0.2% rise. Core inflation met
market expections, increasing by 0.2%.
The seasonally adjusted CPI all items index rose by 2.5%
year-over-year for January 2020, the largest 12-month increase since
October 2018. However, the core CPI increased by 2.3% year-over-year,
the same 12-month rise seen over the last 3 months.
Here are some of the key takeaways:
- Energy prices fell 0.7%, driven by a decrease in the gasoline
index, which fell by 1.6%, driven by a negative demand shock attributed
to the emerging coronavirus outbreak. The price of a barrel of oil has
already dropped 21% (as of Feb 11) amid a drop-off in global travel and
a decline in Chinese consumer demand. The trend could worse in February
as the rate of infections continued to rise above expectations. CPI
excluding energy was 0.2%.
- Food prices rose 0.2% with dining out prices rising a strong 0.4%
in January. CPI excluding food was 0.1%.
- Shelter prices rose 0.4%, driving the rise in CPI, with
the large owners' equivalent rent category rising 0.3%.
- Medical care index rose 0.2% with medical services rising 0.3%.
However, prescription drug prices fell by 0.4% in the month.
- Other gains came from apparel, which added 0.7% in the month,
transportation services, up 0.3%. Recreation, education and airline
fares also increased. Offsetting those gains were used cars and trucks,
falling 1.2%, and prescription drug prices.
- The lower-than-expected rise in CPI will probably reinforce the
Federal Reserve's overshoot strategy with the US central bank's dovish
stance on inflation likely to hold for the near-term.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
To read the full story
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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.