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MNI China Daily Summary: Thursday, February 23
MNI DATA IMPACT: US July CPI Jumps 0.6%; Core Up 0.6%
CPI +1.0% yoy; Core CPI +1.6% yoy
Energy +2.5%; Food -0.4%
Consumer prices rose by a much stronger-than-expected 0.6% in July as surging vehicle and transportation costs offset weakness in food prices, the Bureau of Labor Statistics said Wednesday.
Energy prices rose again in July, increasing by 2.5% following a 5.1% gain in June that was the largest monthly percent increase in more than a decade. Gasoline prices rose 5.6% in July, slowing from June's 12.3% increase.
Food prices showed renewed weakness in July, falling for the first time in more than a year, according to the St. Louis Fed. Prices for food consumed at home fell 1.1% as meat prices plummeted 3.8% and dairy products sank 0.8%. That was partially offset by the cost of dining out, which rose 0.5% in July.
From a year earlier, CPI was up 1.0% from a 0.6% year-over-year gain in June.
Excluding food and energy prices, CPI was up 0.6%, far above market expectations for a 0.2% gain and marking the index's largest increase since 1991, the BLS said.
Used vehicle prices rose 2.3%, and the cost of a new vehicle rose 0.8% following a flat reading in June.
Price inflation for transportation services also rose sharply by 3.6%, mainly driven by a large 9.3% increase in motor vehicle insurance and a 5.4% gain in airline fares.
Apparel prices grew by 1.1% in July after a 1.7% increase in June that was the largest increase in nearly two decades.
The cost of rent rose in July, with owners' equivalent rent, accounting for 24% of the total CPI basket, rising 0.2% following a 0.1% increase in June.
The BLS said temporary business closures and limited operations of certain establishments affected data collection in July, and continued to push up the number of prices considered "temporarily unavailable" and imputed. Data collection by personal visit has been suspended since mid-March.
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