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Economy in Brief

U.S. PPI Surged Again
by Tom Moeller July 15, 2008

U.S. finished producer prices jumped another 1.8% during June after the 1.4% surge during May. The increase surpassed Consensus expectations for a 1.3% rise.

Finished energy prices led the increase with a 6.0% pop as gasoline prices surged another 9.0% (39.7% y/y). Natural gas prices continued strong and surged 6.6% (17.6% y/y). Residential electric power costs rose 0.8% (4.7% y/y).

Finished consumer food prices surged by 1.5% (8.4% y/y), double the May increase. The strength continued to be led by fresh vegetables (34.0% y/y) and pasta products (37.3% y/y).

Less food & energy, the gain in finished goods prices rose the same 0.2% as they did during May. The latest figure fell slightly short of expectations for a 0.3% rise. Prices of core finished consumer goods rose the same 0.3% (3.5% y/y) as they did in May and the three-month rate of rise remained down somewhat at 4.2%. Durable consumer goods prices rose 0.3% (1.6% y/y) after the 0.4% May fall. Capital equipment prices gained 0.3% (2.4% y/y).

Intermediate goods prices surged yet again, last month by 2.1%. Excluding food & energy these prices jumped another 1.3%.

The crude materials PPI surged 3.7% due to a 5.4% (72.1% y/y) jump in energy prices. Crude food prices also doubled their May strength and surged 3.5% (20.8% y/y). Less food & energy crude prices fell 0.2%.

Back to the Future with Keynes from the Federal Reserve Bank of Minneapolis can be found here.

Producer Price Index (%) June May Y/Y 2007 2006 2005
Finished Goods 1.8 1.4 9.1 3.9 3.0  4.9 
  Core 0.2 0.2 3.1 1.9 1.5 2.4
Intermediate Goods 2.1 2.9 12.5 4.1 6.4  8.0
  Core 1.3 2.0 8.4 2.8 6.0  5.5
Crude Goods 3.7 6.7 45.7 12.1 1.4 14.6
  Core -0.2 5.0  33.2 15.7 20.8 4.9
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