Housing, autos drive USA inflation higher in June

12 Juillet, 2019, 12:38 | Auteur: Auguste Feret
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Fed chairman Jerome Powell on Wednesday told lawmakers that the USA central bank would "act as appropriate" to protect the economy from rising risks such as trade tensions and slowing global growth.

The Labor Department reported Thursday that so-called core CPI - the consumer price index excluding the volatile food and energy components - jumped 0.3% last month, the largest increase since January 2018, after four straight monthly gains of 0.1%. "This argues against aggressive monetary stimulus from the central bank", said Chris Rupkey, chief economist at MUFG in NY. The central bank last month downgraded its inflation projection for 2019 to 1.5% from the 1.8% projected in March.

The hotter-than-expected inflation numbers come as the Federal Reserve is poised to cut interest rates for the first time in a decade, due to fears of a global economic slowdown and uncertainties fueled by trade conflicts. Along with the indexes for shelter, used cars and trucks, and apparel, the indexes for household furnishings and operations, medical care, and motor vehicle insurance were among the indexes that increased in June.

"We will be paying attention to subcategories, such as portfolio management and investment advice, health-care services, and air transportation, that are directly used by the BEA in their calculation of the PCE deflator", Ryans said.

The Food sector rose 2.4 per cent.

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The overall consumer price index rose 0.1% in June, held back by cheaper gasoline and food.

Investing.com was looking for no MoM change in seasonally adjusted Headline CPI and 0.2% in Core CPI. It increased 1.6 per cent year-on-year in June after rising 1.8 per cent in May.

The Fed's preferred inflation measure - the core personal consumption expenditures price index - has undershot its 2% target this year. He also said that "there is a risk that weak inflation will be even more persistent than we now anticipate".

In the wake of the Great Recession, two percent has been the Fed's target for core inflation. The Federal Office of Statistics (Destatis) confirmed that consumer prices rose by 0.3% on the month and 1.6% on the year in June. Economists expect the tightening labour market, which is lifting wages, and the imposition in May of more tariffs on Chinese goods to gradually push inflation towards its 2% target. The food index was unchanged as the index for food away from home rose but the index for food at home declined. SHFE copper advanced 0.13%, tin increased 0.27%, lead went up 0.09%, nickel expanded 0.69%, while zinc dipped 0.44%, and aluminum fell 0.72%. Prices of previously owned cars surged 1.6% and apparel prices were up 1.6%.


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