Friday, 20 October, 2017

US consumer prices slipped 0.1 per cent in May

Mae Harvey | 15 June, 2017, 02:16

May's drop was the largest since January 2016 and confounded economists' expectations for a 0.1 percent gain. Power generation rose by 5.4 per cent in April, down from 14.4 per cent expansion in April previous year. Some of the drop in monthly retail sales reflected lower gasoline prices, which weighed on receipts at service stations.

The Consumer Price Index, which tracks changes in the cost of household goods and services, declined 0.1 per cent compared to April.

June 14 The dollar index on Wednesday fell to its lowest since November 9 against a basket of major currencies that measure its strength after the release of weaker-than-expected U.S. CPI and retail sales data.

Consumer spending accounts for more than two-thirds of the United States economy and last month's weak core retail sales reading could temper expectations for a sharp acceleration in economic growth in the second quarter.

"Clearly officials will be mindful of incoming inflation trends in the coming months before greater confidence can be made with second half of the year policy normalization plans", said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

Medical services such as the cost of doctor's visits dipped 0.1 percent in May but have risen 2.5 percent over the past 12 months. The Fed's preferred measure of inflation, tied to consumer spending, has been below 2 percent for five years and in recent months slipped back a bit.

The second drop in the CPI in three months could worry Federal Reserve officials, who have previously viewed the weakness in inflation as transitory.

Oil Prices Fall After IEA Says Global Stockpiles Up
OPEC and non-OPEC countries chose to extend oil output cuts for nine months in Vienna on May 25. Both contracts hit their lowest since May 5, driving them into technically oversold territory.

Farm loan waiver on, protests off
Group of Ministers will also hold discussions with various political parties for a broader consensus and inclusion. If they fail, we will again agitate from July 25, farmer leader Raju Shetti told ANI .

Sonia Gandhi should apologise for Sandeep Dikshit's remark on army chief: BJP
Sitharaman also referred to Rahul Gandhi's " khoon ki dalali " barb at Prime Minister Narendra Modi previous year . I wonder if there is a strategy by the Congress to undermine the Indian Army", she said.

The dollar fell to a seven-month low against a basket of currencies on the data, before retracing some of the losses. USA stock index futures pared gains.

The Fed's revised forecasts reduced its estimate for unemployment by year's end to 4.3 percent from a March projection of 4.5 percent. Core CPI - which excludes food and energy.was up 0.1 percent, also below expectations.

Over the past 12 months, consumer prices are up 1.9 percent while core inflation has risen 1.7 percent.

According to the CSO data, manufacturing sector, which constitutes 77.63 per cent to the IIP, grew at 2.6 per cent in April compared to 5.5 per cent in same month previous year.

Nevertheless, James Bohnaker of IHS Markit said seasonal factors likely exaggerated the effect of falling energy prices on overall inflation because gasoline prices typically rise in the spring, ahead of the USA driving season. Those figures would rise in increments over a year until they reached $30 billion a month in Treasurys and $20 billion in mortgage bonds.

In the retail sales report, auto sales fell 0.2 per cent after rising 0.5 per cent in April. Sales at building material stores were unchanged, while receipts at clothing stores rose 0.3 per cent. That has led some retailers, including Macy's M.N , Sears SHLD.O and Abercrombie & Fitch ANF.N to announce shop closures.

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