According to data released by the US Bureau of Labor Statistics on October 12th, the US CPI increased by 3.7% year-on-year in September, slightly higher than market expectations of 3.6%, from the previous value of 3.7%; The month on month growth was 0.4%, slightly higher than the market expectation of 0.3%, with a previous value of 0.6%. The core CPI increased by 4.1% year-on-year, consistent with market expectations, with a previous value of 4.3%.
After the release of September CPI data in the United States, the US dollar index rose from 105.66 in the short term to 106.11. As of press release, the US dollar index has risen to 106.24. The three major US stock indices all saw a slight decline, with the Dow, Nasdaq, and S&P 500 indices falling 0.06%, 0.11%, and 0.12%, respectively.
On a month on month basis, the housing index was the largest contributor to the month on month CPI growth in September, contributing more than 50% of the increase. The rise in the gasoline index is also another main reason for the month on month growth of CPI in September.
In September, the main energy composition index fluctuated, with the overall energy index rising by 1.5% month on month. The gasoline index, electricity index, natural gas index, and fuel index increased by 2.1%, 1.3%, -1.9%, and 8.5% month on month, respectively.
The food price index rose 0.2% month on month, similar to the performance in July and August. Among them, the household food index increased by 0.1% month on month, while the price index of non household food increased by 0.4% month on month. Among the six major grocery sub indices of the Family Food Index, three sub indices rose month on month. The index of meat, poultry, fish, and eggs increased by 0.5%, with the pork index increasing by 1.6%. The index of other household foods increased by 0.3%, while the index of dairy and related products increased by 0.1%. The index of grains and baked goods decreased by 0.4%, marking the first decline since June 2021. The fruit and vegetable index, as well as the non-alcoholic beverage index, did not change in September.
From a year-on-year perspective, the overall energy index decreased by 0.5% in September. Among them, the natural gas index decreased by 19.9% and the fuel index decreased by 5.1%; The gasoline index rose 3.0%, while the electricity index rose 2.6%.
The food price index increased by 3.7% year-on-year in September. Among them, the household food index increased by 2.4%, and the price index of non household food increased by 6.0%.
In September, the core CPI excluding food and energy increased by 0.3% month on month, which is the same as in August. Among them, the housing index increased by 0.6% month on month, which is the biggest factor for the core CPI increase month on month. The rent index increased by 0.5% month on month, while the owner's equivalent rent index increased by 0.6% month on month. The index of accommodation away from home increased by 3.7%, ending the previous three consecutive months of decline. Other indicators of month on month growth include automotive insurance (up 1.3% month on month), entertainment, personal care, new cars, home decoration, and operations.
The core CPI excluding food and energy increased by 4.1% year-on-year in September. The housing index increased by 7.2% year-on-year, contributing more than 70% of the growth rate. Other significant year-on-year growth indicators include motor vehicle insurance (a year-on-year increase of 18.9%), entertainment (a year-on-year increase of 3.9%), personal care (a year-on-year increase of 6.1%), and new cars (a year-on-year increase of 2.5%).