Como se combate o populismo? "Com eleições", responde Fukuyama

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8:30am 05/18/05 U.S. APRIL APPAREL PRICES FALL 0.6%
8:30am 05/18/05 U.S. APRIL MEDICAL CARE PRICES UP 0.2%
8:30am 05/18/05 U.S. APRIL HOUSING PRICES UP 0.3%
8:30am 05/18/05 U.S. APRIL FOOD PRICES UP 0.7%
8:30am 05/18/05 U.S. CORE CPI UP 2.2% YEAR-ON-YEAR
8:30am 05/18/05 U.S. CPI UP 3.5% YEAR-ON-YEAR
8:30am 05/18/05 U.S. APRIL CPI ENERGY PRICES UP 4.5%, 2-YR HIGH
8:30am 05/18/05 U.S. APRIL CORE CPI FLAT VS. 0.2% GAIN EXPECTED
8:30am 05/18/05 U.S. APRIL CPI UP 0.5% VS. 0.4% EXPECTED

ECONOMIC REPORT: U.S. April core consumer prices flat; CPI up 0.5% on fastest rise in energy prices in 2 years
By Rex Nutting, MarketWatch
Last Update: 8:31 AM ET May 18, 2005

WASHINGTON (MarketWatch) - The underlying rate of U.S. inflation was unchanged in April even as spiking energy prices drove overall consumer prices higher, the Labor Department said Wednesday.

The consumer price index increased 0.5% in April, driven by a 4.5% increase in energy prices, the fastest increase in energy prices in more than two years. Food prices jumped 0.7%, but other price increases were moderate.

The core CPI, which excludes food and energy costs, was unchanged in April, the lowest rate of underlying inflation since November 2003.

Economists were expecting the CPI to rise 0.4% in April after a 0.6% gain in March, according to a survey conducted by MarketWatch. The core rate was expected to rise 0.2% in April after 0.4% in March.

The CPI is reassuring that the spike in energy costs over the past six months has not fed into prices charged for other goods and services. Energy prices have moderated in May.

The report is likely to leave the Federal Reserve on a steady-as-she-goes path, with quarter percentage point rate hikes expected at the next two meetings, at a minimum. That would put the overnight federal funds rate at 3.50% by mid-summer.

The CPI is now up 3.5% in the past year, compared with 3.1% in March. It's the biggest year-over-year gain since November. The core CPI is up 2.2% in the past year compared with 2.3% in March.

Average real weekly wages, adjusted for inflation, increased 0.2% in April. Real weekly wages are down 0.3% in the past year.

In April, several worrisome inflation trends moderated.

Housing prices, which account for 42% of the CPI, rose 0.3% in April after rising 0.5% in March. Hotel prices fell 1.2% in April after rising by 5% cumulatively in February and March, likely the result of an early Super Bowl and an early Easter.

Homeownership costs rose 0.1%, while rents increased 0.3%.

Apparel prices fell 0.6% in April after rising 0.8% in March.

Medical care costs increased 0.2% in April.

Transportation costs increased 1.8%, mostly due to fuel costs. New car prices fell 0.1%, while air fares rose 3.6%, the fastest increase in nearly five years.

Energy costs increased 4.5%. Gasoline prices rose 6.4%, natural gas prices increased 5.6% and fuel oil prices rose 4.6%.

Food prices rose 0.7%, as vegetable prices increased 7.9%.