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SocGen's Omair Sharif said that the total...>

US VIEW
US VIEW: SocGen's Omair Sharif said that the total weight in CPI of certain food
items that had price cuts by Whole Foods occurs amid the fact that "there is no
published detailed expenditure weight for some items. For example, avocados are
categorized as part of the "other fresh fruits" index. That index has a weight
of 0.226%, but clearly there are other items within that measure. Thus, our
1.21% weight almost certainly overstates the total. In any case, on the surface,
the prices cuts will impact a small slice of the CPI.
- He adds that "second, the price cuts bring the cost of several items available
at Whole Foods closer into line with those recorded by the BLS. The BLS items
will not be exact substitutes for the items at Whole Foods that are experiencing
price cuts," but data suggests "that other grocers may not need to cut their own
prices further, as they are still below the new ones offered by Whole Foods.
Finally, we suspect that the smaller footprint of Whole Foods in the grocery
business (about 1% compared to about 14.5% for Wal-mart) translates into a far
smaller number of quotes for various food items in the BLS sample, further
limiting the impact of the price changes."

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