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Reply #42: Inflation ticks higher in January - Incomes jump 1% on annual bonus payments [View All]

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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-01-07 09:01 AM
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42. Inflation ticks higher in January - Incomes jump 1% on annual bonus payments

Core consumer prices rose 0.3% in January, the Commerce Department reported Thursday, pushing the year-over-year increase in inflation further above the Federal Reserve's target zone.

The increase in core inflation, the most since August, matched economists' expectations. See Economic Calendar.

The personal consumption expenditure price index, excluding food and energy inputs, has now increased by 2.3% over the past 12 months, well clear of the range of 1% to 2% favored by Fed officials. By comparison, core inflation had been up 2.2% in the 12 months running through December. Read the full government report.

The reversal in core inflation reinforces the Fed's view that inflation remains the critical risk to the economy. But some economists argued that the spike in January reflected one-time price hikes at the beginning of the year, particularly in medical services, and that the trend in core inflation is lower.

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