Wholesale inflation continues, but the supply side is having a hard time passing on the price increases if the Labor Department is right on its inflation data. The February Consumer Price Index data showed gains with nominal headline CPI at +0.5% and the core CPI on ex-food and energy came in at +0.2%. Dow Jones was looking for +0.5% on headline and CPI and +0.1% on the core CPI reading.
On a year over year basis the figures are higher at +2.1% on headline inflation and and +1.1 on the core inflation as ex-food and energy.
The good news for now is that the consumers are still not having to ‘officially’ absorb the higher prices. The bad news is that if you have gone shopping for food and gas it sure feels like a lot more than these tame readings. Some will probably be questioning this data today.
If you are one of the conspiracy theorists out there that thinks the government manipulates everything, remember that Uncle Sam has a vested interest in reporting low CPI readings. Government wages and the cost of financing our massive debt burden are just two things that can be kept lower if CPI does not get reported as being higher.
JON C. OGG
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