- **Norway GDP Changed to ESA 2010 with new 2012 Reference Year**
- Switzerland: Financial Accts **ESA 2010**, Intl Trade (Oct); Greece: BOP (Sep); Cyprus: Industrial Turnover (Aug)
- Euro area: Flash Consumer Confidence Indicator (Nov)
- Realtors Confidence Index Survey (Oct)
- US: Philadelphia FRB Business Outlook Survey (Nov)
- US: Existing Home Sales Detail (Oct)
- US: Personal Income Detail by Metro Area (2013)
- US: Detailed Personal Income by County (2013)
- more updates...
Economy in Brief
U.S. Existing Home Sales Continue Improvement
Sales of existing single-family homes rose 1.5% to 5.260 million (AR, +2.5% y/y) in October from 5.180 million in September...
Philadelphia Fed Business Conditions Index Rebounds; Nears 1993 High
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index for November jumped to 40.8 from 20.7 in October...
U.S. Leading Economic Indicators Index Firms
The Index of Leading Economic Indicators from the Conference Board increased 0.9% last month (6.8% y/y) following a 0.7% September rise...
U.S. Initial Unemployment Insurance Claims are Little-Changed
Initial claims for jobless insurance during the week ended November 15 held fairly steady at 291,000...
EMU Flash PMIs Disappoint
The overall EMU private sector reading stands at 51.4 in November, down from 52.1 in October...
U.S. Housing Starts Weaken Overall; Building Permits Reach Six-Year High
Housing starts during October fell 2.8% (+7.7% y/y) to 1.009 million (AR) from 1.038 million in September...
by Tom Moeller November 20, 2014
The consumer price index held steady during October (1.7% y/y) following an unrevised 0.1% September uptick. The figure compared to an expected 0.1% decline in the Action Economics Forecast Survey. Consumer prices excluding food and energy increased 0.2% (1.8% y/y), the strongest increase since May. Expectations had been for a 0.1% rise.
A 1.9% decline (-1.6% y/y) in energy prices held back the gain in consumer prices last month. Fuel oil prices declined 4.0% (-6.5% y/y), down for the eighth straight month. Gasoline prices fell 3.0% (-5.0% y/y), off for a fourth straight month. Natural gas prices declined 2.7% (+3.4% y/y) but electricity costs gained 0.5% (3.1% y/y).
Food prices provided minimal upward pricing pressure with a 0.1% uptick (3.1% y/y). Meat prices pulled back 0.2% (+12.5% y/y) and egg prices fell 0.4% (+6.7% y/y). Offsetting these declines was a 0.5% rise (5.6% y/y) in dairy product prices. Cereal & bakery product prices also increased 0.3% (0.4% y/y) and fruit & vegetable costs improved 0.9% (2.0% y/y).
Core service prices increased 0.3% (2.5% y/y), the strongest rise since May. Transportation services prices paced the increase, prompted by a 1.7% rise (-1.8% y/y) in the cost of public transportation. Education costs gained 0.5% (3.3% y/y), recreation services prices increased 0.4% (1.5% y/y) and medical care services prices rose 0.2% (1.9% y/y). Shelter costs (32% of the CPI) rose 0.2% (3.1% y/y) as owners equivalent rent of primary residences increased 0.2% (2.7% y/y).
Continuing weak were prices for goods less food and energy; roughly unchanged for a fourth straight month (-0.2% y/y. Apparel prices fell 0.2% (+0.6% y/y) and transportation product prices slipped 0.1% (-0.2% y/y). Continuing to show strength were educational books & supplies prices which rose 0.8% (4.5% y/y). Also firm were furniture & bedding prices, up 0.7% (-2.7% y/y), and appliance costs which rose 0.2% (-4.2% y/y). Recreation product prices remained steady (-2.2% y/y).
The consumer price data is available in Haver's USECON database while detailed figures can be found in CPIDATA. The expectations figure is from Action Economics and is found in the AS1REPNA database.
The minutes to the latest FOMC meeting are available here.
|Consumer Price Index (%)||Oct||Sep||Aug||Oct Y/Y||2013||2012||2011|
|Total less Food & Energy||0.2||0.1||0.0||1.8||1.8||2.1||1.7|
|Goods less Food & Energy||0.0||0.0||-0.1||-0.2||-0.0||1.3||1.3|
|Services less Energy||0.3||0.2||0.0||2.5||2.4||2.4||1.8|