Global| Dec 17 2013U.S. Consumer Prices Remain Unchanged
by:Tom Moeller
|in:Economy in Brief
Summary
Consumer prices held steady during November (1.2% y/y) following an unrevised 0.1% October slip. Expectations had been for a 0.1% uptick. Consumer prices excluding food and energy increased 0.2% (1.7% y/y), stronger than the expected [...]
Consumer prices held steady during November (1.2% y/y) following an unrevised 0.1% October slip. Expectations had been for a 0.1% uptick. Consumer prices excluding food and energy increased 0.2% (1.7% y/y), stronger than the expected 0.1% uptick.
A 1.0% decline (-2.5% y/y) in energy prices held back the CPI last month. Gasoline prices were off 1.6% (-5.8% y/y) and natural gas costs dropped 1.8% (+1.0% y/y). Fuel oil prices jumped 1.0% (-0.3% y/y) and electricity prices bumped up 0.3% (2.9% y/y). Food prices again rose a scant 0.1% (1.2% y/y). Meat, poultry & fish prices slipped 0.2% (+2.8% y/y) while fruit & vegetable costs declined 0.7% (+1.7% y/y). To the upside, dairy product prices gained 0.4% (-0.7% y/y) but cereal & bakery product prices were unchanged (0.7% y/y).
Prices for goods less food and energy slipped 0.1% (-0.2% y/y) for the third straight month. Appliance prices were off 0.5% (-3.4% y/y) and apparel prices fell 0.4% (-0.1% y/y). Furniture costs also declined 0.4% (-2.4% y/y) and new vehicle prices ticked 0.1% lower (+0.6 y/y). Medical care product prices remained unchanged (+0.8 y/y) as did recreational goods prices (-1.9% y/y).
Core services prices rose 0.3% (2.4% y/y). Public transportation costs again were strong and posted a 1.7% jump (3.7% y/y), tuition prices rose 0.5% (3.4% y/y) and recreation services prices were up 0.3% (1.9% y/y). Shelter costs (32% of the CPI) gained 0.3% (2.4% y/y) while owners equivalent rent of primary residences rose 0.3% (2.4% y/y). Medical care costs were unchanged (2.6% 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.
| Consumer Price Index (%) | Nov | Oct | Sep | Nov Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total | 0.0 | -0.1 | 0.2 | 1.2 | 2.1 | 3.1 | 1.6 |
| Total less Food & Energy | 0.2 | 0.1 | 0.1 | 1.7 | 2.1 | 1.7 | 1.0 |
| Goods less Food & Energy | -0.1 | -0.1 | -0.1 | -0.2 | 1.3 | 1.3 | 1.1 |
| Services less Energy | 0.3 | 0.2 | 0.2 | 2.4 | 2.4 | 1.8 | 0.9 |
| Food | 0.1 | 0.1 | 0.0 | 1.2 | 2.6 | 3.7 | 0.8 |
| Energy | -1.0 | -1.7 | 0.8 | -2.5 | 0.9 | 15.2 | 9.6 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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