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Consumer prices jump much more than forecast, sparking inflation fears

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February 14, 2018

U.S. consumer prices rose considerably more than expected in January, fueling fears that inflation is about to turn dangerously higher.

The Consumer Price Index rose 0.5 percent last month against projections of a 0.3 percent increase. Excluding volatile food and energy prices, the index was up 0.3 percent against estimates of 0.2 percent.

The Labor Department indicated that price pressures were “broad-based,” with rises in gasoline, shelter, clothing, medical care, and food.

Markets reacted sharply to the news, reversing earlier gains and indicating a lower open as Dow futures tumbled about 450 points from their highs. Government bond yields also turned higher, with the benchmark 10-year note most recently trading at 2.88 percent, a gain of about three and a half basis points.

Investors also began to price in the likelihood that the Federal Reservewill raise interest rates at least three times this year.

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This article was posted: Wednesday, February 14, 2018 at 9:57 am

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