Manufacturing, capital goods push IIP growth to 7.1% in Dec, CPI declines

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For the 13th consecutive month since January 2017, Consumer Price Index, CPI, dropped to about 15.13 per cent in January 2018, the National Bureau of Statistics, NBS, said in its latest Inflation Report.

The ONS reports annualised United Kingdom inflation for the month of January read at 3.0%, greater than the 2.9% forecast by economists ahead of the release.

Prices of U.S. Treasuries fell on the inflation data. Stocks on Wall Street opened lower before erasing losses.

While Sheets said he wouldn't raise his outlook for the path of inflation, the report "gives me increased confidence that we are in a place where inflation is likely to be gradually rising more or less in line with the Federal Reserve's forecast and consistent with an economy where we are seeing diminished slack, strengthening labor markets, solid growth". But it is disappointing that United Kingdom economic growth isn't matching the upward adjustments to growth in the USA, the European Union and emerging markets.

"The Fed's job now is to prevent the economy from overheating", said Gus Faucher, PNC chief economist. "The Fed's task is complicated by the recent tax cuts and spending deal".

Core consumer price inflation - which excludes food, energy, alcohol and tobacco - rose to 2.7 percent from 2.5 percent, and services price inflation, which is more sensitive to wage costs, also accelerated.

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"The BoE's rhetoric echoed that of September's meeting minutes, which preceded last November's rate hike, and it now looks like the next rise may well happen in May".

USA consumers said they expected to see the fastest wage growth in several years when polled in January, according to a monthly Federal Reserve Bank of NY survey.

Fuel and light inflation stood at 7.58 percent compared with 7.90 percent in December, while housing inflation stood at 8.33 per cent from 8.25 per cent in the previous month.

The core CPI is viewed as a better measure of underlying inflation trends.

Digestive enzymes and antacids, which have a 0.22 per cent in IIP, continued to be the top contributors for the IIP growth in December, followed by cement, electricity, diesel and two-wheelers.

Trader George Ettinger works on the floor of the New York Stock Exchange, Wednesday, Aug. 16, 2017.

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Investors are now looking ahead to key readings on Wednesday and Thursday in the form of CPI data and retail sales. Infrastructure/construction goods recorded a growth of 6.7 per cent in December from 5.5 per cent a year ago.

Following the release, markets priced in a higher possibility for a third rate hike before the end of the year.

Food inflation in Janua-ry fell to 4.7 per cent, from 4.96 per cent in December.

Manufacturing sector grew 8.4 per cent in December as against 0.6 per cent previous year. "If it doesn't build the narrative that more inflation is here, and we have evidence, then we're going to forget about inflation for a little bit", he said.

"Consumers can make up for lost time", said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. Crude oil prices surged in January on strong global demand and a weaker dollar. December's figures were revised to show little change, after an initially reported gain of 0.4 percent.

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