US Consumer Prices Rise In Line With Estimates In February

Yields on 10-year government bonds was at 7.697% compared to Friday’s close of 7.671

A report released by the Labor Department on Tuesday showed consumer prices in the US increased in line with economist estimates in the month of February.

Economists surveyed by the Wall Street Journal expected consumer prices to rise 0.2% in February, and core prices to rise 0.2%.

The index for all items less food and energy increased 0.2 percent in February following a 0.3-percent increase in January. Key points: * Bloomberg Economics' expectations for slowing inflation run counter to projections of the central bank. Volume is low as investors prepare for a week of major economic reports including consumer inflation, producer inflation, retail sales and building permits.

Year-over-year, the index posted a 2.2 per cent gain, above the 2.1 per cent recorded in January.

As per use-based classification, the growth rates in January 2018 over January 2017 are 5.8 per cent in primary goods, 4.9 per cent in intermediate goods and 6.8 per cent in infrastructure/ construction goods.

US consumer prices increased marginally in February amid a decline in gasoline prices and a moderation in the cost of rental accommodation, the latest indication that an anticipated pickup in inflation likely will be only gradual.

Capital goods also registered a healthy growth at 14.6 per cent in January, 2018 against a decline of 0.6 per cent previous year.


However, the index for food remained unchanged due to index for food at home compensated the increase in the food away from home index.

"While there is evidence of building inflationary pressures in certain components, the annual growth rates, especially for the core CPI, do not suggest a breakout in inflation yet", said Ben Ayers, senior economist at Nationwide, in Columbus, Ohio. However, the rate of price increase was higher for transport and communication services at 2.39 per cent (1.97 per cent January).

Excluding food and fuel, this measure has risen 3.2 per cent so far this year, notably faster than the 2.6 per cent reported in the first two months of 2017. The manufacturing sector saw growth quickening marginally to 8.7% in January from 8.4% in the previous month. The potential for four rate increases this year also held steady at around 25%.

Industrial activity accelerated in January to 7.5% on the back of strong manufacturing growth and a rebound in the consumer durables sector, according to official data released on Monday.

It was 4.88 per cent in November a year ago.

A survey of small businesses published on Tuesday showed the share of owners reporting higher selling prices in February hit its highest level since July 2014.

The index for all items less food and energy rose 1.8 percent over the past 12 months, the same figure as the prior 2 months.

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