United States: American consumption At A Standstill

United States: American consumption at a standstill
14/10/2022 14:31 | MONEY & FINANCE |

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American retail sales in September came out stable, against a market consensus of +0.2% according to FactSet...

USA: Higher than expected rise in consumer prices in September

WASHINGTON, October 13 (Reuters) - Consumer prices in the United States rose more sharply than expected in September and underlying inflationary pressures continued to intensify, reinforcing expectations of a fourth consecutive 75-point increase in U.S. Federal Reserve (Fed) rates next month.

The consumer price index (CPI) accelerated to 0.4% last month after growing by 0.1% in August, the Department of Labour announced on Thursday. Over one year, it stands at +8.2%, after a gain of 8.3% in August. In June, inflation peaked at 9.1% over one year, its highest level since November 1981.

Economists interviewed by Reuters predicted on average for September an increase of 0.2% over the month and an increase of 8.1% in the annual rate.

Despite a drop in supply chain tensions and a decline in oil prices compared to their spring peak, inflation remains well above the Fed's 2% target.

Financial markets are counting on a new three-quarters point increase in Fed rates at the end of its monetary policy meeting on November 1 and 2, according to CME's FedWatch barometer.

Since March, the Fed funds rate target has increased from about zero percent to 3.00%-25% and the report of the last meeting of the American central bank highlighted on Wednesday the issuance institute's determination to curb the price increase.

The CPI index, excluding energy and food products, known as basic inflation ("CPI core"), increased in September by 0.6% over a month, as in August, while the consensus predicted an increase of 0.5%.

Over one year, the increase rose to 6.6% after a gain of 6.3% in August and a consensus of +6.5%.

On Wall Street, futures on indices, which were oriented in the green before the publication of the American inflation figures, fell sharply in the red, losing 1.79% to 2.75%. (Report Lucia Mutikani; French version Claude Chendjou, edited by Sophie Louet and Kate Entringer)

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The import and export prices for the month of September were also announced today. Import prices fell by 1.2% compared to August, compared to -1.1% consensus. Export prices fell by 0.8% compared to -0.9% expected.

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American growth has been driven for years by household consumption, which accounts for 70% of American GDP, itself fueled by extremely easy access to credit.

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