Global stock markets reacted negatively to the latest US inflation data, which came in above forecasts. European equity indexes turned negative after the data release, while US markets opened lower.
The US Bureau of Labor Statistics reported that the Consumer Price Index rose 3.0% in January from year-ago levels, an uptick from December’s 2.9% rate. Year-over-year core CPI (which excludes volatile food and energy costs) rose 3.3%, below the December rate of 3.2%.
The CPI increased 0.5% month over month in January after rising 0.4% in December. Core CPI also rose 0.4%, below the December increase of 0.2%.
Economists expected consumer prices to rise 0.3% on a monthly basis in January, and for the annual inflation rate to rise to 2.9%, according to FactSet’s consensus estimates. Core inflation was forecast to rise 0.3%, keeping the annual rate steady at 3.2%.
January CPI Report Key Stats
- CPI increased 0.5% for the month after rising 0.4% in December.
- Core CPI climbed 0.4% after rising by 0.2% in December.
- CPI increased 3.0% year over year after an uptick of 2.9% the prior month.
- Core CPI rose 3.3% from year-ago levels after rising by 3.2% in December.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.
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