US CPI: headline data are good news for the FOMC - ANZ
|Analysts at ANZ offered a review of the US CPI data.
Key quotes:
"The US September CPI came in as expected at 1.5% y/y and its highest level in 23 months. As oil prices consolidate around current levels that will help push inflation up towards target in coming quarters. Core inflation remains stable at 2.2% y/y.
The headline data are good news for the FOMC achieving its dual mandate. Within the CPI data, gasoline prices rose 5.8% m/m, accounting for half of the 0.3% m/m gain. Services (ex-energy) inflation and 60% of the CPI index remained firm at 3.2% y/y with shelter costs up 3.4% y/y and medical care costs up 4.8% y/y. In other data, the NAHB Housing Market Index dipped back to 63 vs 65 as expected."
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