Economy

Consumer Prices Accelerated in September

Consumer Prices Accelerated in September”

Retail sales rose 1.6% in September after falling 0.1% in August following the hit to consumer activity in the hurricane hit states of the south - most notably Texas and Florida.

The consumer-price index, measuring what Americans pay for everything from groceries to theater tickets, advanced 0.5% in September from a month earlier, the Labor Department said Friday.

CPI climbed to 2.2% in September, from 1.9% in August - missing forecasts of 2.3% but above the 2% level that marks the Federal Reserve's target rate in personal consumption expenditures, its favoured measure of inflation, which stands at just 1.3%.

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%. Core prices have risen at that same annual rate since May. The shelter index continued to increase, and the indexes for motor vehicle insurance, recreation, education, and wireless telephone services also rose.

Lukman Otunuga, research analyst at FXTM said: "Although US consumer prices made the largest increase seen in eight months on the back of rising gasoline prices, underlying inflation remained subdued".

"That's achievable if we continue to run good quality (data)", outgoing Fed Vice President Stanley Fischer said.

The University of MI also released a report showing an unexpected improvement in consumer sentiment in the month of October. Bulgaria registered an average drop in consumer prices of 0.8 percent in 2016. Core prices had been expected to rise by 0.2%.

We have now seen misses in this series during six of the last seven months and while the Fed will surely stress the "mysterious" nature of low inflation, we are increasingly concerned that the FOMC's insistence on pushing toward a December rate hike risks a policy-error, but we're getting as exhausted of saying that as others are surely of hearing it.

The all items index rose 2.2% for the 12 months ending September; the 12-month change has been accelerating since it was 1.6% in June.



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