Consumer Prices Accelerated in September

15 October, 2017, 02:18 | Author: Terri Saunders
  • Gold rally pauses ahead of US inflation data

Prices for all items less food and energy, the "core CPI", grew 0.1% in September, following a 0.2% August increases.

Gold was staring the end of a losing streak in the face Friday, set to report its first weekly rise in five weeks ahead, as investors digested US inflation data, information that could have given clues on the pace of USA interest rate rises.

USA consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related production disruptions at oil refineries in the Gulf Coast, but underlying inflation remained muted.

The Dow Jones Industrial Average fell 7.32 points, or 0.03 percent, to 22,865.57, the S&P 500 lost 1.8 points, or 0.07 percent, to 2,553.44 and the Nasdaq Composite added 0.69 points, or 0.01 percent, to 6,604.24.

Wall Street had a variety of drivers ranging from trade talks, which helped the materials sector, to oil prices, which boosted the energy sector, and retail data that helped consumer stocks, according to Tim Ghriskey, chief investment officer of Solaris Asset Management in NY. Over the past 12 months, food prices are up 1.2%.

Gasoline prices surged 13.1 per cent last month because of the supply chain interruption caused by Hurricane Harvey, accounting for 75 per cent of the rise in the CPI.

The price index of a small basket in September 2017 compared to August 2017 was 100.7% and the overall increase since the beginning of the year (September 2017 compared to December 2016) has been 102.1%.

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At the end of the session, the financial markets had priced in a roughly 83 percent probability of a rate increase in December, according to the CME Group FedWatch tool. The increase in the CPI was broadly in line with economists' expectations.

The core PCE index, which is preferred by the Fed, has consistently undershot the Fed's two percent target for more than five years. Fed Chair Janet Yellen has said that temporary factors such as one-off price cuts by wireless telephone companies are holding back inflation.

Benchmark 10-year notes last rose 2/32 in price to yield 2.3374 percent, from 2.345 percent late on Wednesday. The rate also matched the estimate published on September 28. Owners' equivalent rent of primary residence rose 0.2 percent after advancing 0.3 percent in August.

Spot gold added 0.6 percent to $1,301.41 an ounce.

There were also decreases in the cost of medical care, apparel, and household furnishings.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan reached its highest point since late 2007, ending up 0.7 percent on the day. Last month's increase in retail sales was the largest since March 2015. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

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