April consumer prices up 0.2 pct, energy steady
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Wed, 14 May 2008 13:23:03 GMT |
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WASHINGTON (Reuters) - Consumer prices rose a smaller-than-expected 0.2 percent in April as energy prices paused in their recent surge, a Labor Department report on Wednesday showed.The rise in April consumer prices was less than the 0.3 percent gain Wall Street analysts polled by Reuters were expecting after a 0.3 percent advance in March. So-called core prices, which exclude volatile food and energy, were up just 0.1 percent, half the increase analysts had forecast.Stock futures rose, Treasury debt prices pared losses and the dollar fell on the report, which suggested the Federal Reserve might have more room to cut interest rates without sparking inflation to help buttress a weak economy."It allows the Fed to do what it feels it has to do to sustain growth later this year," said David Watt, senior currency strategist at RBC Capital Markets in Toronto.During the month, energy prices were unchanged after a 1.9 percent rise in March, as gasoline prices dropped 2 percent. However, energy prices are up 15.9 percent from the same time a year ago.Meanwhile, in a sign higher energy prices are in the pipeline for U.S. consumers, crude oil prices hit a record high this week, likely pushing gasoline prices even higher from already record levels.Still, year-over-year consumer prices rose more modestly than forecast. Overall prices advanced 3.9 percent from April a year ago and core prices were up 2.3 percent. Analysts were expecting a 4.0 percent advance in overall prices and a 2.4 percent gain in core prices.A separate report showed U.S. mortgage applications rose for a second consecutive week last week, fueled by a jump in demand for home refinancing loans as interest rates dropped.The Mortgage Bankers Association said its index of mortgage applications, which includes both purchase and refinance loans, for the week ended May 9 climbed 2.9 percent. (Reporting by Mark Felsenthal, additional reporting by Julie Haviv in New York, Editing by Chizu Nomiyama) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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So-called core prices, which exclude volatile food and energy, were up just 0.1 percent...
By:
Jim in Atlanta ,
Wed, 14 May 2008 19:41:36 GMT
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If we do not eat or breath the air there is no inflation. How can energy and food be excluded from the data? Give me a total break! Has the world gone stupid?
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