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RTRS: US inflation pressures lowest since May 2002 -ECRI
 
NEW YORK, Oct 3 (Reuters) - U.S. inflation pressures fell
in September to a more than six-year low indicating policy
makers should focus on economic growth, a research group said
on Friday.
The Economic Cycle Research Institute's U.S. Future
Inflation Gauge (USFIG), designed to anticipate cyclical swings
in the rate of inflation, slipped to 103.7 in September from
107.3 in August, revised from 109.3.
The reading was the lowest since May 2002, when the index
stood at 102.1.
"With the USFIG diving to a new 76-month low, underlying
inflationary pressures are clearly in rapid retreat," said
Lakshman Achuthan, managing director at ECRI, in an instant
message interview.
"The (index's) well established downturn strongly counters
any inflation fears that may still be concerning Fed
officials."
The slide in the USFIG was due to disinflationary moves in
measures of commodity prices, labor market conditions, loans
and interest rates, and was partly offset by an inflationary
move in a measure of vendor performance, Achuthan said.
The USFIG annualized growth rate, which smooths out monthly
fluctuations, fell in September to minus 17.8 percent from
minus 13.9 percent in August, revised down from negative 11.0
percent.
(Reporting by Rodrigo Campos; Editing by Tom Hals)
Source