Global markets: US consumer price index moves higher

By Commodity News Service Canada

WINNIPEG, March 16 – The following is a glance at the news moving markets globally.

US CONSUMER PRICE INDEX INCREASES IN FEBRUARY
America’s consumer price index—not including food and energy components—increased 0.3 per cent in February.

The upward trend of rent and medical costs contributed to the increase.

Inflation also gained 0.3 per cent in January.

US FED NOT EXPECTED TO RAISE RATES
Members from the US Federal Reserve will wrap up their meeting on Wednesday, but analysts expect interest rates will hold steady.

However, Wednesday’s policy statement is expected to show when and how members will continue with the gradual rate hike they introduced to the country last year.

In December 2015 the Fed raised interest rates for the first time in close to 10 years.

CANADA’S MANUFACTURING SALES REACH RECORD HIGH
Manufacturing sales rose 2.3 per cent in January to C$53.1 billion, the highest level on record. Higher sales of motor vehicles, food, and motor vehicle parts were largely responsible for the gains.

More than 85 per cent of the increase in January came from these three industries. Conversely, sales of petroleum and coal products fell 5.9 per cent as prices continued to decline in the industry, Statistics Canada said in a report on Wednesday.

Constant dollar sales rose 2.4 per cent to their highest level since July 2008, indicating that volumes of goods sold reached levels not recorded since before the 2008-2009 recession.

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