MetroIntelligence Economic Update by P. DUFFY
Consumer Price Index rebounds, rising 0.6 percent in August and 3.7 percent year-on-year
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July, and was up 3.7 percent year-on-year. The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase. The index for all items less food and energy rose 0.3 percent in August, following a 0.2-percent increase in July and was up 4.3 percent year-on-year.
Producer Price Index up 0,7 percent in August and 1.6 percent year-on-year
The Producer Price Index for final demand increased 0.7 percent in August, seasonally adjusted, after rising 0.4 percent in July and was up 1.6 percent year-on-year. The August advance is the largest increase in final demand prices since moving up 0.9 percent in June 2022. The index for final demand less foods, energy, and trade services increased 0.3 percent in August, the same as in July, and rose 3.0 percent year-on-year. This is the largest annual advance since moving up 3.4 percent for the 12 months ended in April.
Purchase loan applications fall 11 percent from previous week, down 27 percent year-on-year
The Market Composite Index for mortgage applications decreased 0.8 percent on a seasonally adjusted basis. The 30-year fixed mortgage rate increased to 7.27 percent last week and was 40 basis poinhttps://www.bls.gov/news.release/ppi.nr0.htmts higher than where it was in late July. s from one week earlier, with purchase loans falling 11 percent (and down 27 percent year-on-year) and refinance activity falling 5 percent (and down 31 percent year-on-year).