WASHINGTON — The Federal Reserve Board clearly doesn't have anything to worry about when it comes to apparel price inflation: Retail prices for clothing across the board in December, the U.S. Labor Department’s Consumer Price Index showed Wednesday.Apparel prices fell a seasonally adjusted 0.7 percent last month. Women’s prices declined 0.8 percent, while men’s apparel prices dropped 1.5 percent, girls’ apparel prices slipped 1.5 percent and boys’ apparel prices fell 2.1 percent.Within the women’s sector, prices for outerwear were off 2.3 percent, while prices for suits and separates dropped 1.1 percent. Prices for the combined underwear, nightwear, sportswear and accessories category declined 1 percent, while prices for dresses showed the only strength, with a 1.7 percent increase.In men’s wear, prices for the combined suits, sport coats and outerwear category declined 2.5 percent, while prices for furnishings dropped 1.4 percent. Prices for shirts and sweaters were flat, as prices for pants and shorts rose 0.4 percent.Michael Montgomery, a U.S. economist with IHS Global Insight, said the overall CPI index, which rose 0.3 percent in December, was driven by a significant increase of 3 percent in gasoline prices. Core CPI prices, excluding the volatile energy and food sectors, rose 0.2 percent.“Weak goods prices are of little surprise because of the strong dollar, but labor costs matter more in services, and the mark of firming wages can clearly be seen in service prices,” Montgomery said. “The outlook for 2017 is more of the same. Labor costs should keep service prices climbing nearly 3 percent year-over-year, while the continued strength in the dollar keeps goods prices well-behaved. That should stabilize price gains for most of the first half. The second-half prognosis is a function of the dollar and whether the spurt in commodity prices worldwide overwhelms the greenback and moves goods from negative to positive territory. Odds are that it will, but not enough to be worrisome.”Montgomery said the price environment this year will be similar to that of 2016, with increases in shelter, medical care and energy prices but “moderate gains” in other areas.“That should not sour consumers’ moods, but also will not lift their purchasing power like in the good old days of falling gasoline prices,” he added.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion
@carmeloanthony is upping his fashion game once again, introducing a hat collection with @goorinbros. Called Fresh Greens by Melo x Goorin, the line consists of five unisex models, all of which are made in America from 100 percent wool. Each hat is lined with Anthony’s signature and the inscription “Knowledge of self, wisdom and understanding.” You can purchase the collection line at Goorin’s website as well as three off its stores in San Francisco, New York City and Las Vegas #wwdaccessories
“I am of tradition, but that doesn’t mean I have an old outlook on life,” Hubert de Givenchy told WWD in an interview in 1978. The legendary designer, who died last week at the age of 91, achieved wide success soon after launching his own couture boutique in the early ’50s, but he refused to pine for that time. For the first time since its original publication, read our interview with Givenchy on his awe for Audrey Hepburn and looking forward. Link in bio. #wwdarchives #fbf (📷: Pierre Schermann)
About last night: @alexachung and @supergausa toasted the launch of their capsule collection. “It’s the shape that I love, so rather than amend the last and make the sole crazy or do anything wild, we just did really subtle additions that I think make it look really luxe-y,” said Chung. #wwdfashion (📷: Marc Patrick)
Exclusive: @off____white’s @virgilabloh is launching an exclusive eyewear capsule collection @sunglasshut. The unisex collection, which is made up of three styles, first made its debut on the brand’s fall runway show in Paris. Get all the details on WWD.com – link in bio. #wwdnews #wwdfashion