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U.S. December Consumer Price Index (CPI) up 2.7%...in line with market expectations
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Summary
- The 2.7% rise in the December CPI matched market expectations, indicating that the disinflation trend is being maintained.
- The 2.6% increase in core CPI came in slightly below the estimate (2.7%), reinforcing the signal of cooling inflation, the report said.
- However, with inflation still above the Fed’s 2% target and housing costs continuing to rise, it added that early rate cuts by the Fed are unlikely.
The U.S. consumer price index (CPI) increase in December last year matched market expectations.
According to the U.S. Department of Labor on the 13th, the CPI rose 2.7% year on year in December, in line with market forecasts. The month-on-month increase also came in at 0.3%, matching expectations.
Core CPI, which excludes volatile food and energy prices, rose 2.6% year on year, slightly below the market estimate (2.7%). On a month-on-month basis, it increased 0.2%, also undershooting forecasts.
CNBC, a U.S. business media outlet, said on the day that "core consumer inflation came in slightly below expectations, strengthening the signal that disinflation remains intact." However, with inflation still above the Federal Reserve’s target (2%), it also noted that the case for resuming rate cuts in the near term is not yet strong. The continued rise in housing costs was cited as a factor limiting the pace of downside progress in inflation.
Ellen Zentner, chief economist at Morgan Stanley Investment Management, said, "This is not a phase in which inflation is heating up again, but it is also hard to say it has fallen far enough to the target level," adding that "based on this release alone, it won’t be easy for the Fed to move quickly toward rate cuts."
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