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Food costs, accounting for nearly a third of the basket, rose an annual 10.5 per cent in January, higher than the 9.1 per cent recorded in the previous month.
The Producer Price Index, a factory-gate measurement of inflation and a harbinger of future CPI, expanded 0.7 per cent from a year earlier in January, compared to 1.7 per cent in December.
Those hoping for/betting on more easing will be disappointed with these kinds of hot numbers. On the other hand, disinflation isn’t a great economic sign either, so there is a positive spin to all this.
Markets are selling off around the world.
Japan is down 0.6%. Australia is down 0.8%. US futures are over 0.3% lower.
We’ll see what happens with the Greek reform negotiations. Probably the next thing people will be watching tonight.
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