January retail inflation eases to 5.07% on lower food prices

Alicia Cross
February 14, 2018

Inflation in the consumer food price index was 4.7 per cent in January 2018, against 4.96 per cent in December, and 0.61 per cent in January 2017. The latest report showed energy prices rose 3 percent from the previous month and food costs advanced 0.2 percent. The 1.8 percent increase in core prices is still below the Fed's 2 percent target.

The RLA argues that today's figures show that calls by many in the Labour Party and elsewhere for rents to be linked to inflation would leave many tenants worse off. As a result, food inflation slipped by over a per cent.

Every month, 10,534 informants spread across the country provide price data for the computation of the CPI and the market items now comprise of 740 goods and services regularly priced.

The U.S. consumer price index has been mostly at 1.7 percent over the last 12 months.

Inflation-adjusted USA wages declined by 0.2% in January.

Firstly, RBI believes that uptick in CPI will rise further by end of FY18, which is why it raised the target for inflation to 5.1% in Q4, including the HRA impact, during the last monetary policy of this fiscal. Inflation rose 2.1 percent from a year earlier and core prices increased 1.8 percent.

A sudden pick-up in prices would confirm fears that inflation is moving at a faster rate than markets have expected and, thus, the U.S. Federal Reserve is more likely to announce further interest rate increases.

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The U.K. Consumer Price Index (CPI) narrowed to an annualized 3.0% from 3.1% in November, while the core rate of inflation slipped to 2.5% from 2.7% during the same period to mark the slowest pace of growth since July. The yield on the 2-year Treasury note shot higher as well.

Wall Street had keenly awaited this report following an inflation scare that helped drive the stock market's first correction in two years.

The 1.7 percent monthly gain in apparel prices, which account for about 3 percent of the CPI, was the biggest since 1990.

The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

The dogs that didn't bark were the United States dollar, virtually unchanged after the number, and the real (inflation-adjusted) USA 10-year yield, which is slightly down.

Inflation remained stubbornly static on Tuesday owing to the combination of rising oil prices and, more importantly, sustained sterling weakness. "While bottom line is expected to see around 14-15% growth on YoY basis, the growth is likely to be driven by sectors such as Automobiles, Metals, Air Transport Service, Consumer Staples etc".

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