USA consumer prices see modest rise in July

12 August, 2017, 00:36 | Author: Gladys Mathis
  • AFP  Getty Images

The 0.1 percent price increase last month was less than the 0.2 percent rise that analysts had forecast.

The curve steepening suggested that the market has "slightly lowered the probability of a December rate hike", said TD Securities in a note.

The U.S Producer Price Index fell by 0.1% on Thursday weighing on the Dollar as the markets continue to grapple with the outlook on monetary policy, the weakness in wholesale price inflation weighing on the Dollar just as it began to find support amidst the rising tension between Trump and North Korea.

A separate Labor Department report showed average weekly earnings for private-sector workers, adjusted for inflation, increased 0.2% in July from the prior month.

After raising benchmark interest rates twice so far in 2017, the Fed had been expected to increase once more before the end of the year.

An unexpected decrease in US wholesale prices in July, the first in almost a year, signals inflation will remain tame, a Labor Department report showed Thursday in Washington.

And unlike previous months, July's gains were not entirely driven by the volatile food and fuel categories, since the increase was the same even when those categories were excluded, for both the monthly and the 12-month core measures.

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"I would expect the inflation data will show a little bit more upward pressure than what we have seen over the last four months or so", Dudley told reporters.

ING economist James Swift commented after the report that a 10% fall in the dollar year-to-date should help inflation recover later this year.

Despite some upsides, overall prices have grown at a seasonally adjusted annual rate of 0.9%, while core prices have risen just 1.3% through the first seven months of this year.

USA stock futures took the weaker-than-expected reading as good news turning from a flat to lower reading to registering small gains. The decline was driven by a 0.2 per cent drop in final demand services.

Wall Street's widely followed measure of market anxiety, the CBOE Volatility index, was up 0.79 points at 16.77 on Friday, its highest since November.

The euro was up 0.45 percent at $1.1823 after Morgan Stanley raised its forecasts for the currency, predicting it would hit $1.25 early next year.

Fed policymakers prefer a different measure of inflation that is based on personal consumption expenditures and tends to run lower than the consumer price index.

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