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US inflation edges down on energy, food costlier

  • Market: Coal, Crude oil, LPG, Metals, Natural gas, Oil products, Petrochemicals
  • 13/09/22

US consumer prices rose at an annual rate of 8.3pc in August, a tick lower than the prior month as food prices hitting new highs partially offset easing energy costs.

The increase last month compared with an 8.5pc gain in the 12 months through July, the Bureau of Labor Statistics (BLS) reported today. It marked a second month of slowing from this year's peak at 9.1pc in June, which was the highest inflation in four decades. Still, the August number was higher than most economists' forecasts.

The energy index rose by 23.8pc in September, down from the 32.9pc gain in the prior 12-month period. The food index rose by 11.4pc over the past year, the largest 12-month increase since the period ending May 1979.

The Federal Reserve has embarked on a course of steep rate increases and is expected to hike its target rate by 75 basis points next week, its third such consecutive increase. It has vowed to quash inflation, even while warning that would come with "some pain" for consumers and businesses.

All items less food and energy — so-called core inflation — rose by 6.3pc in August from a year earlier, up from 5.9pc in the prior two months and a sign of ongoing inflationary pressures.

On a seasonally adjusted basis, the consumer price index rose 0.1pc in August after being unchanged in July. All items less food and energy rose 0.6pc in August after a 0.3pc gain in July and a 0.7pc gain in June. The energy index fell by 5pc in August after a 4.6pc decline in July, while the gasoline index fell by 10.6pc in August after a 7.7pc decline in July and an 11.2pc gain in June.


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Libya blockade pushes European buyers to other crudes


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20/09/24

Libya blockade pushes European buyers to other crudes

London, 20 September (Argus) — Libya is still exporting crude nearly a month after its eastern-based administration imposed a blockade on oil fields and terminals, but a significant reduction in loadings has prompted key European customers to turn to alternative grades. Libya exported around 389,000 b/d of crude in the 1-19 September period, according to Argus tracking data, a sharp drop from 932,000 b/d during the same period in August when Libya's pre-blockade crude output was close to 1mn b/d. Assuming Libya is keeping some crude for domestic refining and power generation, current production may now be closer to 500,000 b/d — up from previous Argus estimates of around 300,000 b/d . The September exports are largely occurring under state-owned NOC's crude-for-products programme. This potentially bypasses the central bank, which has been at the centre of the political impasse that sparked the blockade . Nearly half of Libyan loadings so far this month, or 189,000 b/d, have headed to Italy, according to Argus tracking. But Italy's Libyan intake averaged 329,000 b/d over January-August, so the country has sought alternatives to replace the shortfall this month. Two cargoes of Algeria's light sweet Saharan Blend amounting to 67,000 b/d arrived in Italy in the 1-19 September period, after no cargoes in August and just one in July. Exports of Caspian light sour CPC Blend to Italy have jumped to 561,000 b/d so far this month, up from 410,000 b/d over 1-19 August and 520,000 b/d over 1-19 July, according to port reports. Availability of CPC Blend was constrained in August by maintenance at Kazakhstan's 600,000 b/d Tengiz field. Around 92,000 b/d of Libyan crude headed for Spain in the first eight months of this year, but none has loaded for the country so far in September. Exports of CPC Blend to Spain rose to 96,000 b/d over 1-19 September, up on the 37,000 b/d shipped during the same periods in each of August and July. By Melissa Gurusinghe Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Northvolt's future unclear as Sweden rejects stake


20/09/24
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20/09/24

Northvolt's future unclear as Sweden rejects stake

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20/09/24
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20/09/24

Overprotectionism harmful for EU stainless: Marcegaglia

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Malawi Kanyika Nb mine development granted extension


20/09/24
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20/09/24

Malawi Kanyika Nb mine development granted extension

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