The Consumer Price Index released Feb. 14 came in slightly hotter than analysts anticipated, with an increase of 0.5 in January that sets inflation at 6.4 percent year over year. The CPI report combined with the recent unexpected jobs report, an increase of 517,000 nonfarm payroll positions — more than double the estimate — means the Federal Reserve likely will turn back to a 0.5 rise in March and re-set its course for the year.
Consumer categories that increased in January include shelter, motor vehicle insurance, recreation, apparel, household furnishings, and operations.
By continuing to raise rates the Fed hopes to cool growth back toward a steady 4 percent from a 12-month high of more than 9 percent in mid-2022. The Fed reduced its activity in the bond market and made a series of half-point and three-quarter-point increases prior to the most recent 0.25 hike.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, released on Jan. 31, covers all nine U.S. census divisions. It reported a 7.7 percent annual gain in November, down from 9.2 percent the previous month.
The 10-City Composite annual increase came in at 6.3 percent, down from 8.0 percent the previous month. The 20-City Composite posted a 6.8 percent year-over-year gain, down from 8.6 percent in the previous month.
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