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Consumer Prices Post Biggest Gain in 4 Years

Consumer Prices Post Biggest Gain in 4 Years”

There was also an upward effect from food, where prices were unchanged between December and January but had fallen by 0.6% between the same two months a year earlier.

The other price indices - the Producer Price Index and the Export-Import Price Indexes - showed relatively low rates of inflation.

Inflation in Britain rose at the fastest pace in over two-and-a-half-years in January, although slightly less than analysts had expected, as the cost of fuel and food increased markedly.

Despite the acceleration in both producer and consumer price inflation in January, Larry Hu, head of China economics at Macquarie Securities in Hong Kong, doesn't think that it will be enough to see the People's Bank of China (PBoC) tighten monetary policy settings in the near-term.

The pace of food deflation has eased off for four consecutive months.

The RBI projected inflation will remain below 5 per cent in the January-March quarter of this fiscal but hardening of global crude oil prices and volatility in exchange rates could put upside pressure in the next financial year.

US producer prices rose more than expected in January, recording their largest gain in four years amid increases in the cost of energy products and some services, but a strong dollar continued to keep underlying inflation tame.

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While the rate of price rise in sugar was 22.83 percent, for fibres it was 15.18 percent, and 25.44 percent for minerals.

"Retail sales seemed to have been boosted by higher prices rather than an increase in the real consumption", said Shin Kadota, senior forex strategist at Barclays.

Retailers face higher costs from imported goods, fuel and the national living wage, but are generally engrossed in price wars to win market share.

In separate figures also released Wednesday, the Commerce Department said a steep drop in auto sales weighed on the United States retail sector in January, putting downward pressure on overall sales for the month. Such costs rose close to 0.9 per cent last month compared to a fall in January 2016.

Factory-gate prices in the oil and gas extraction industry surged by 58.5 percent during the month, followed by a 38.4 percent gain in coal mining.

The Export-Import Price Indexes showed modest inflation that was driven predominantly by rising fuel and food prices. It is just a comment that CPI (consumer price index) excluding food and fuel has been hard to bring down.



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