Consumer Prices Accelerated in September

Consumer Prices Accelerated in September

United States headline inflation increased less than expected last month but core prices jumped well above forecasts, according to data released by the Bureau of Labor Statistics on Friday.

The gasoline index rose 13.1% in September, accounting for three-fourths of the seasonally adjusted all items increase, and the food index picked up slightly.

September's consumer price index rose 0.5% month-on-month, short of the 0.6% expected but up on the 0.4% increase a month earlier and the largest gain in eight months.

Core inflation. CPI ex food and energy is forecast to tick higher to 1.8% from 1.7%.

However, stripping out the rise in energy and weather impact, underlying inflation and sales failed to pack the punch many had expected and the dollar fell on reduced expectations of a December rate hike.

The uptick by the core index reflected higher prices for shelter, motor vehicle insurance, recreation, education, and wireless telephone services.

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Headline retail sales growth was up 1.6% month-over-month when 1.9% growth was expected. The inflation rate since the beginning of the year (September 2017 compared to December 2016) has been 1.3% and the annual inflation in September 2017 compared to September 2016 was 2.1%.

The Dow Jones Industrial Average fell 17.09 points, or 0.07 percent, to 22,855.8, the S&P 500 lost 2.1 points, or 0.08 percent, to 2,553.14 and the Nasdaq Composite dropped 2.41 points, or 0.04 percent, to 6,601.14.

He added, "Once those factors fade in early 2018, and against the backdrop of exceptionally tight labor market, we suspect that core inflation will rebound in 2018". Monthly inflation also matched flash estimate. The index rose 1.7% for the 12 months ending in September. Sterling was last trading at $1.3261, up 0.30 percent on the day.

The report also said the annual rate of producer price growth accelerated to 2.6 percent in September from 2.4 percent in August.

After four straight days of declines, the dollar index, tracking the greenback against a basket of major currencies, rose 0.02 percent.

Meanwhile, the monthly rise in auto sales was 3.6% in September, with unit sales reaching a 12-year high, and sales of building materials and garden equipment were up 2.1% on the month.

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