US DATA: Jan CPI +0.2%, core +0.2% (0.02183% unrounded) for +2.9%
YOY overall and +2.3% YOY core. Food +0.2% as dairy jumped but fruits
and cereals declined. Energy +0.2% as oil +1.4% and gasoline +0.9%
(+3.6% NSA so the seaonal adj generously moderated the gain) in
rebounds. In core, components were mixed: apparel +0.9% in a rebound,
prescription drugs +0.3%, recreation +0.6%, and tobacco +0.5% bolstered
core, but unch new cars (+0.3% NSA) and -0.9% airfares cut the gain. OER
was +0.2%. Overall, the CPI data represent modest gains for the start of
the yr.