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Mix-Ansicht- Die Inflation ist tot..es lebe die Inflation! Prost! - black elk, 15.06.2001, 22:22
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06/15 08:30
U.S. May Consumer Prices Rise 0.4%; Core Rate Rises 0.1%
By Carlos Torres
Washington, June 15 (Bloomberg) -- U.S. consumer prices rose in May at the fastest pace in four months, led by higher electricity costs and the biggest increase in gasoline since September, government figures showed.
The consumer price index, the most closely watched gauge of U.S. inflation, rose 0.4 percent last month after a 0.3 percent gain in April, the Labor Department said. The core index, which excludes energy and food, rose 0.1 percent after rising 0.2 percent the previous month.
Last month's increase in consumer prices excluding energy and food was the smallest since December, suggesting businesses are holding the line on prices to stay competitive even as energy costs rise.
``If companies were able to pass along higher energy prices, that would be a problem, but companies aren't able to pass along these price increases because demand is so weak,'' said Mark Vitner, an economist at First Union Securities Inc. in Charlotte, before the report.
Analysts surveyed by Bloomberg News expected overall consumer prices to rise by 0.4 percent and the index excluding food and energy to increase 0.2 percent in May.
So far this year, the CPI is running at a 4 percent annual rate, compared with a 3.4 percent pace in the same period last year. The core is running at a 2.9 percent pace, compared with a 2.7 percent rate last year.
Broadest Gauge
The CPI is the government's broadest gauge of costs for goods and services. About 55 percent of the CPI covers prices consumers pay for services, ranging from medical visits to airline fares and movie tickets. Goods, including food, clothing, autos and appliances, make up the rest.
Federal Reserve policy makers have said inflation pressures remain subdued. ``Inflation is not a significant problem at this moment,'' said Fed Chairman Alan Greenspan in a speech earlier this month.
With inflation contained, central bank officials have the latitude to lower interest rates, if necessary. Central bankers next meet June 26-27. The Fed has reduced the overnight bank lending rate to 4 percent this year, the lowest in seven years, in a bid to boost growth.
The economy grew at a 1.4 percent annual rate between October and March, the slowest six months since the second and third quarters of 1991, when the U.S. was emerging from the last recession.
Weekly Earnings
In a separate report, the Labor Department said average weekly earnings adjusted for inflation rose 0.2 percent in May after falling 0.4 percent in April.
The primary inflation threat has been a surge in energy prices. Energy costs, which account for about a 10th of the CPI, surged 3.1 percent in May, compared with a 1.8 percent April increase.
The price of gasoline jumped 6 percent after rising 5 percent in April. The May increase was the biggest since a 6.1 percent rise in September of last year.
Consumers paid an average $1.70 a gallon for gasoline at the pump in May, up 10 percent from the previous month, according to statistics from the Department of Energy. Still, these increases aren't likely to be sustained in coming months, analysts said.
``For the time being, energy price pressures remain the main source of concern'' with respect to inflation, said David Horner, an economist at Merrill Lynch & Co. in New York, in a forecast. However, ``expect gasoline price increases to moderate in coming months.'' So far this month, the average price of a gallon of gasoline has fallen to $1.66, according to the Energy Department.
Electricity
The cost of electricity rose 1.3 percent last month. Low supplies of natural gas, an increasingly popular fuel to generate power, will mean electricity prices in the U.S. will increase 5 percent over the next few months, the government said last month.
For residential customers, electricity costs will average 9 cents per kilowatt-hour during the three-month period from July through September, up from 8.57 cents during the same period last year, the Department of Energy's Energy Information Administration said in its monthly Short Term Energy Outlook. A kilowatt-hour represents enough power to light a typical home for an hour.
Consumer food and beverage prices, which account for almost a fifth of the index, rose 0.2 percent in May for the third straight month. The increase was led by pork and dairy products. Prices on tobacco and smoking products fell 1.3 percent last month after rising 4 percent in April. Tobacco prices may rise in coming months as retailers push through increases in wholesale prices.
Copenhagen
UST Inc., the biggest maker of smokeless tobacco, hiked wholesale prices on Copenhagen, Skoal, Rooster and Red Seal brands effective May 21 as part of an annual price increase.
In April, tobacco costs accelerated because Phillip Morris Cos. and R.J. Reynolds Tobacco Holdings Inc., the two largest U.S. cigarette makers, raised wholesale prices by 14 cents a pack during the month. Wholesale cigarette prices have risen about 74 percent since the industry settled a lawsuit with 46 states in 1998 for $206 billion, analysts said.
New vehicle prices fell 0.1 percent in May after they were unchanged the previous month. Airline fares rose 0.8 percent after falling 1.4 percent in March.
Automakers offered incentives to entice buyers last month. General Motors Corp. offered $1,000 cash back on some sport- utility vehicles, including the Chevrolet Tahoe and Suburban and GMC Yukon during the last half of May in conjunction with a holiday promotion. The discounts helped total sales increase by 0.6 percent, the first rise since October.
Airfares
AMR Corp.'s American Airlines, Delta Air Lines Inc., US Airways Group Inc. and UAL Corp.'s United Airlines raised some U.S. fares 5 percent late last month. The increases included both leisure tickets and business fares, which typically are bought closer to the date of travel and cost more.
Medical care costs rose 0.3 percent in May after rising 0.4 percent the previous month. The increase was led by a 0.5 percent increase in hospital services while prescription drug prices rose 0.3 percent.
Insurance companies are expected to pass these increases along to employers and other customers by raising premiums by an average 9.8 percent this year, up from an 8.3 percent increase in 2000, according to a forecast by Health Research and Educational Trust, a research affiliate of the American Hospital Association.
The cost of personal computers dropped 4.1 percent after falling 2.2 percent in April. Slowing demand has prompted a price war among personal-computer makers. Since May 23, Dell Computer Corp. reduced the starting price of a Dimension 4100 PC to $929 from $969, and the Dimension 8100 to $1,149 from $1,249, according to the company's Internet site. Rival Gateway Inc. said two weeks ago it would match any competitor's price and Compaq Computer Corp. earlier this year said it would more aggressively cut prices as well.
The price of clothing fell 0.9 percent in May after declining 1.3 percent in April. Discounters are benefiting from consumer uncertainty over economic outlook. Wal-Mart Stores Inc., the largest U.S. retailer, said last week May same-store sales rose 3.8 percent from a year earlier.
Housing costs, which represent about one-third of the index and include some energy costs, rose 0.4 percent in May after rising 0.1 percent the previous month. The cost of shelter increased 0.5 percent after rising 0.3 percent in March.
The overall CPI rose 3.6 percent in the twelve months ended in May. The CPI's core rate rose 2.5 percent during the same time frame.
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