by Calculated Risk on 3/23/2015 07:54:00 PM

With oil and gasoline prices up a little in February compared to January, CPI will probably show a positive monthly change for the first time since October. The CPI might still be down year-over-year - or close to unchanged.

As an example, WTI oil averaged $47.22 per barrel in January and increased to $50.58 in February. However oil and gasoline prices have declined again in March - WTI was at $47.42 today - and will push down inflation again in March.

Tuesday:
• 8:30 AM ET, the Consumer Price Index for February. The consensus is for a 0.2% increase in CPI, and for core CPI to increase 0.1%.

• At 9:00 AM, the FHFA House Price Index for January 2015. This was originally a GSE only repeat sales, however there is also an expanded index.

• At 10:00 AM, New Home Sales for February from the Census Bureau. The consensus is for a decrease in sales to 475 thousand Seasonally Adjusted Annual Rate (SAAR) in February from 481 thousand in January.

• Also at 10:00 AM, the Richmond Fed Survey of Manufacturing Activity for March.