US CPI jumps more than expected, up 3.1% YoY
MG News | February 13, 2024 at 06:30 PM GMT+05:00
February 13, 2023 (MLN): The U.S. consumer price index (CPI) for the month of January 2024 rose by 3.1% YoY, as compared to the 3.4% YoY numbers in December, but higher than the market expectations of 2.9%, the latest data issued by the U.S. Bureau of Labor Statistics on Tuesday showed.
On a sequential basis, US CPI rose by 0.3% MoM as compared to 0.2% MoM in the previous month, and exceeding the market expectations of 0.2%.
Moreover, Core CPI rose 3.9% YoY, the same as the previous month, while above the market forecasts of 3.7%
On a sequential basis, Core CPI rose 0.4% MoM as compared to an increase of 0.3% in December and hotter than the market expectations of 0.3%.
CPI came in stronger than expected across the board for monthly, annual and core.
The market sees no chance for a rate cut in March, while the odds for a decrease in May are about 33%.
Meanwhile, a rate cut in June is fully priced in.
The US stock market benchmark S&P 500 futures plunged 1.1% by around 06:46pm PST.
To note, CPI in the last year, January 2023 stood at 6.4% YoY, showing that the Federal Reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.
However, it still remains above the country's 2% inflation goal.
CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 171,728.23 176.30M | -0.67% -1166.05 |
| ALLSHR | 102,910.30 520.11M | -0.45% -464.50 |
| KSE30 | 51,670.03 67.45M | -0.86% -450.07 |
| KMI30 | 247,010.32 110.61M | -0.71% -1757.30 |
| KMIALLSHR | 66,915.02 280.04M | -0.41% -276.50 |
| BKTi | 47,405.87 21.06M | -1.12% -534.71 |
| OGTi | 35,932.85 5.24M | -1.02% -370.15 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 79,790.00 | 80,340.00 79,370.00 | -555.00 -0.69% |
| BRENT CRUDE | 101.02 | 102.92 99.62 | 0.96 0.96% |
| RICHARDS BAY COAL MONTHLY | 110.00 | 0.00 0.00 | -2.50 -2.22% |
| ROTTERDAM COAL MONTHLY | 106.55 | 106.60 105.45 | 1.80 1.72% |
| USD RBD PALM OLEIN | 1,191.50 | 1,191.50 1,191.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 95.30 | 98.64 94.15 | 0.49 0.52% |
| SUGAR #11 WORLD | 14.64 | 14.65 14.54 | 0.10 0.69% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Large Scale Manufacturing (LSMI)