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US CPI down by 0.2% in February

Wednesday, Mar 16 2016
The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.2% in February on a seasonally adjusted basis, in line with market forecasts. Over the last 12 months, the all items index increased 1.0% before seasonal adjustment. The energy index continued to decrease and was the major cause of the seasonally adjusted decline in the all items index, more than offsetting increases in the indexes for food and for all items less food and energy. The gasoline index fell sharply, declining 13.0%, and the indexes for fuel oil and electricity also decreased, though the index for natural gas rose. Construction of new homes rose in February to the highest level in five months, but applications for new construction were weak for a third month.
The Commerce Department says housing starts rose 5.2% last month to a seasonally adjusted annual rate of 1.18 million units. Construction had fallen 3.4% in January and 1.4% in December, declines that had been blamed in part on winter weather. Applications for building permits, a gauge of future activity, fell 3.1% to an annual rate of 1.17 million units after a flat reading in January and a 6.1% drop in December. The decline in building permits, unless reversed, could signal future trouble in an industry that was a bright spot for the economy last year.
 
Euro is currently being traded few points above 1.1070 level, Sterling is around 1.4070 handle, while Aussie is at 0.7420 area. Later today, Industrial Production figures are scheduled for a release, as well as FOMC rate decision.
More in this category: « Unemployment Rate unchanged at 5.1% US Industrial Production decreased more than expected »

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