John J. Canally, Jr., CFA Chief Economic Strategist, LPL Financial
The impact of economics on everyday life isn’t always clear, but the week ahead is different. Tuesday marks the fourth-busiest shopping holiday of the year — Valentine’s Day, and the following day sees the release of Consumer Price Index (CPI) data for January 2017. The consensus opinion of economists expects a month-over-month increase of 0.3% and a 2.1% rise year over year. Core inflation, which removes the impact of volatile food and energy prices, is expected to come in at 2.2% year over year. These numbers are important, but of even more near-term importance for those still looking for the right gift is how much more expensive common Valentine’s Day gifts have become over the last year.