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The
seasonally adjusted Consumer
Price Index for All Urban Consumers (CPI-U) increased 0.2% in February
(+0.2% expected). The increase in the all items index was broad-based, with contributions
from shelter, energy, and food indexes. The energy index rose after a long
series of declines, increasing 1.0% as the gasoline index turned up after
falling in recent months; electricity rose to another all-time seasonally
adjusted high. The food index, unchanged last month, also rose in February,
though major grocery store food group indexes were mixed.
The
index for all items less food and energy rose 0.2% in February, the same
increase as in January. In addition to shelter, the indexes for used cars and
trucks, apparel, new vehicles, tobacco, and airline fares were among those that
increased. The medical care index was unchanged, while the personal care index
declined.
The
all items index was unchanged over the past 12 months, after showing a 0.1%
decline for the 12 months ending January. Over the last 12 months the food
index rose 3.0% (meats: +10.7%; beef: +15.2% year-over-year) and the index for
all items less food and energy increased 1.7%. These increases were offset by an
18.8% decline in the energy index (although electricity was +3.2% higher YoY).
The
seasonally adjusted Producer
Price Index for final demand (PPI) fell 0.5% in February (+0.3% expected).
Final demand prices moved down 0.8% in January and 0.2% in December. On an
unadjusted basis, the index for final demand decreased 0.6% for the 12 months
ended in February. In February, about 70% of the decline in final demand prices
can be attributed to a 0.5% decrease in the index for final demand services.
Prices for final demand goods moved down 0.4%, thanks primarily to fresh and
dry vegetables.
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The
price indexes we track were mixed on both month-over-month and year-over-year bases
in January. The Wood Fiber index ticked marginally lower.
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The foregoing comments represent the
general economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
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