WASHINGTON, Jan 7 (Reuters) – The U.S. Bureau of Economic Analysis said on Wednesday it would use an average of September and November Consumer Price Index data to produce October estimates for the inflation measures tracked by the Federal Reserve for monetary policy.
The Bureau of Labor Statistics was unable to publish the full CPI data for October after the 43-day government shutdown prevented data collection. That could not be done retroactively.
“For those CPIs that are not available for October, BEA will use an average of BLS’ September and November CPI data for its estimates included in the personal income and outlays report for October,” the BEA said in a statement.
“BEA uses the CPIs to adjust current-dollar consumer spending statistics for the effects of price change and to produce the Personal Consumption Expenditures Price Index.”
The delayed PCE inflation data for October and November will be published on January 22. Economists attributed the sharp moderation in annual consumer inflation in November to the missing chunks of October CPI data and delayed collection for the November report.
The CPI increased 2.7% year-over-year in November after advancing 3.0% in the 12 months through September.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
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