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13 October 2017, 08:20 | Hattie Nash
US dollar slides amid Fed minutes
Analysts said the minutes showed that policymakers are open to a December interest-rate hike despite concerns about low inflation levels.
The index, which logged it's first monthly gain in seven months in September, rose to more than a 10-week high last week, after USA wage data for September was seen as a sign that inflation might come off a recent period of weakness. It is the biggest annual increase since a 3.6 per cent rise in 2012.
September's increase was the biggest in eight months, but it stemmed mostly from soaring gasoline prices after hurricane-related production disruptions at Gulf Coast area oil refineries.
If food and energy are stripped out, core CPI rose a much smaller 0.1%.
Over the past year, overall prices are up 2.2 per cent, while core inflation has risen 1.7 per cent.
Minutes of the Fed's September 19-20 meeting published on Wednesday showed policymakers had a prolonged debate about the prospects of a pickup in inflation and slowing the path of future interest rate rises if it did not.
What they are saying?: "This report likely won't change anyone's mind about the inflation outlook a year from now, and it won't stop the Fed hiking in December", said Ian Shepherdson of Pantheon Economics. The GBP/USD is up at $1.327, a gain of 0.07% while the EUR/USD is $1.1845, a gain of 0.12%. Owners' equivalent rent of primary residence rose 0.2 per cent after advancing 0.3 per cent in August. But the cost of mobile phone services rose 0.4 per cent after 14 straight months of declines. Prices for new motor vehicles fell 0.4 per cent as manufacturers resort to deep discounting to eliminate an inventory overhang.
"There are some encouraging nascent signs that there are building inflationary pressures, but with respect to looking at data points, we must acknowledge that these will be noisy data series", Northey said, referring the effects of Hurricanes Harvey and Irma which battered USA cities in recent weeks. In the latest month, the annual increase was just 1.4 per cent. Economists estimate the storms could subtract at least six-tenths of a percentage point from third-quarter GDP growth.
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