Gains are once again led by health care with medical care up 0.5 percent for a second straight month which includes a 0.9 percent gain for prescription drugs. Shelter also shows pressure, up 0.3 percent as does apparel which is up 1.6 percent for a second straight sharp gain. Food rose percent 0.2 percent with the year-on-year rate at plus 0.9 percent.
Energy prices, which may be on the climb this month, fell a sharp 6.0 percent in February and pulled down the total CPI which came in at minus 0.2 percent with the year-on-year rate at plus 1.0 percent.
But it's not the total that Fed officials will be watching but the core which -- for a second straight month -- is signaling what policy makers want, that is upward pressure. This report isn't dramatic enough to revive much chance for a rate hike at today's FOMC but it will offer strong arguing point for the hawks.
Recent History Of This Indicator:
Pulled down by February's contraction for gasoline prices, consumer prices are expected to fall 0.3 percent with the core rate however doing better at a 0.2 percent gain. Service-based gains were widespread in January and similar strength in February would further point to price recovery for the economy.
Pulled down by February's contraction for gasoline prices, consumer prices are expected to fall 0.3 percent with the core rate however doing better at a 0.2 percent gain. Service-based gains were widespread in January and similar strength in February would further point to price recovery for the economy.
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