The Consumer Price Index increased by 0.3% in July, after three straight monthly declines, higher than the expected increase of 0.2%, to an index value of 218.011 (1982-84=100), after decreasing by 0.2% in May and 0.1% in June. Over the year the CPI has increased by 1.2% before seasonal adjustment. The food index declined by 0.1%, after remaining unchanged in May and June and is up by 0.9% over the year. Energy Prices increased by 2.6% after decreasing by 2.9% in June and are up 5.2% over the year. Excluding food and energy prices, the Core CPI increased by 0.1% after increasing by 0.2% in June and 0.1% in May and has advanced by 0.9% over the year.
Retail Sales increased by 0.4% in July to $362.7 billion annualized, lower than the expected increase of 0.5%, following a decrease of 0.3% in June, (revised upwards from a 0.5% decrease), after decreasing by 1.1% in May. Over the past year, retail sales volume has expanded by 5.5%. Motor vehicles and parts dealers experienced a 1.6% increase in sales, the first such increase since April, after recording a 2.3% decrease in June. Gasoline stations reported a 2.3% increase in sales, the biggest such increase since November 2009. Building materials and garden equipment sales decreased by 0.3%. Sporting goods, hobby and book stores and electronics and appliance stores each witnessed a 0.1% decline in sales. Sales at clothing and accessories stores also declined by 0.7%. General merchandise stores witnessed a 0.2% decrease, while sales at food services and drinking places increased 0.2%. Retail Sales excluding autos increased by 0.2% in July, lower than the expected increase of 0.3%, after decreasing by 0.1% in June and by 1.2% in May.
Business Inventories are expected today at 10:00 AM EST. Business Inventories increased by 0.1% in May to $1, 355.7 billion, and were 1.5% less than May 2009 levels. The inventories/sales ratio was 1.24 at the end of May, compared to 1.41 recorded a year ago.
Upcoming Releases
Business Inventories (08/13 at 10:00 AM EST)
Net Foreign Purchases (08/16 at 9:00 AM EST)
PPI (08/17 at 8:30 AM EST)
Housing Starts (08/17 at 8:30 AM EST)
