• US stock market daily report (May 22, 2015, Friday)

    Consumer Price Index (CPI) gained 0.1% during April after an increase by 0.2% in March, the U.S. Labor Department said on Friday. U.S. stock index futures turned lower and prices for U.S. government debt fell after release of the data.

    After dipping 0.1% during March, CPI fell 0.2% in the 12 months through April, striking the largest decline since October 2009. Weak gasoline prices helped to moderate consumer prices during April. Underlying inflation pressures were boosted by rising shelter and medical care prices. Core CPI, which strips out food and energy costs, increased 0.3% striking the largest rise since January 2013, after advancing 0.2% during March.

    During the 12 months through April, core CPI advanced 1.8% after posting a similar gain in March. Economic growth remains sluggish since the start of 2015. Food prices in April remained unchanged after slipping 0.2% in March. Gasoline prices fell 1.7% in April after increasing 3.9% in March. A 0.3% increase in shelter costs boosted core inflation.

    As rising household formation boosts demand for rental accommodation, shelter inflation could continue to increase in the months ahead. Together with a tightening labor market, upward pressure could be seen on the core CPI.

    The medical care index rose 0.7% during April striking the largest rise since January 2007. During April the cost of household furnishings posted their largest gain since September 2008. Advancing for a third straight month were prices for used cars and trucks which rose 0.6% in April. Airline fares declined 1.3% in April after falling 1.7 percent in March. Apparel prices fell for the first time since December 2014.

    Contributed by Millennium Traders
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