The Labor Department said its core Consumer Price Index increased 2% last month.
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Brian Burnham, assistant manager at Maya Cinemas, said the theater has been selling tickets for about two months. And while it wasn’t too busy this afternoon, Chatterly says tonights shows are already sold out.
Yet, because CPI inflation had dipped, albeit briefly, back into negative territory in October at -0.1 percent, interest rate-setters can take heart that the spectre of deflation is not haunting Britain just yet.
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The baffling absence of inflation – in a United States economy in recovery since 2009 and flooded with capital from the central bank – has been a key reason the Fed has so far refrained from interest rate hikes.
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Inflation is likely to remain low across the United Kingdom as a strong pound and cheap oil prices combine to keep it down, a Northern Ireland economist has said.
Excluding food and energy prices, core producer prices still rose by 0.3 percent in November after falling by 0.3 percent in October.
Prices of clothing and footwear fell by 0.1% between October and November – the first time they have dropped month on month in November since ONS records started in 1996. For the last 12 months, core inflation was 2%.
The ONS inflation data also showed that the Retail Prices Index (RPI) – a separate measure of inflation that includes housing costs – rose to 1.1 per cent in November, up from 0.7 per cent in October. The Federal Reserve targets a 2% inflation rate but it prefers an inflation gauge called the index of personal consumption expenditures, or PCE index, to judge inflationary pressures. Estimates ranged from a decline of 0.1 percent to a gain of 0.2 percent.
Still, Fed policymakers began a historic two-day policy meeting on Tuesday, with markets betting on an end to the zero-rate policy. Medical care climbed 0.4 percent, and airline fares grew 1.2 percent.
U.S. prices including fuel and food were up 0.5% annually in November.
Lower food prices partly reflects falling costs of farm crops and other commodities. The rent index was up 3.6 percent in the 12 months through November, reflecting rising demand for rental accommodation as more Americans shun homeownership.
The cost of medical service has risen 3.1% since November 2014, the biggest year-over year gain since early 2013.
“Once this pass-through begins to fade, we then look for modest wage inflation to support non-shelter services inflation and a return of overall inflation to the Fed’s target in 2017”, argues Barclays.
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And Danske Bank’s Belfast-based economist Angela McGowan is predicting that that UK’s interest rate may rise from its historic 0.5 per cent low as soon as next May. Prices for new motor vehicles edged up 0.1 percent.
