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SocGen economist Omair Sharif eyed..........>

US VIEW
US VIEW: SocGen economist Omair Sharif eyed "avocados, gasoline, and gigabytes"
as "over the last few days, several developments have raised questions about the
near-term inflation outlook. These include cuts to various food items (prices)
at Whole Foods, the impact on gasoline prices from Hurricane Harvey, as well as
the potential for further changes in wireless services costs from a large
wireless operator's change in plan offerings. In short, we suspect that the
September NSA index could see some upward revisions on the back of higher
gasoline prices and the potential for a small drag, or even a modest boost, from
the wireless services index."
- He said there is a "whole lot of noise around food inflation" as the
"announcement that Whole Foods has sharply reduced prices for a select number of
items has touched off concern that the CPI's food at home index could be dragged
down in the coming months However, we are skeptical of this notion for a couple
of reasons. First, the total weight in the CPI of the items that saw price cuts
totals 1.21%, and even that is almost certainly larger than the true weight."

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