Recent Updates
- Albania: Labor Force Survey (Q3)
- US: Monthly Treasury Statement, Import/Export Prices (Nov)
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- Canada: New Housing Prices (Oct), IIP (Q3)
- Canada Regional: New Housing Prices by Province (Oct)
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- South Africa: PPI (Nov), Export & Import Price Indexes, Wholesale Trade Sales, Construction Activity (Oct)
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Economy in Brief
U.S. Initial Unemployment Insurance Claims Decline
Initial claims for unemployment insurance fell to 206,000 (-7.6% y/y) during the week ended December 8...
U.S. CPI Is Unchanged; Core Prices Increase Steadily
The Consumer Price Index held steady during November (2.2% y/y)...
U.S. Mortgage Loan Applications Post Another Strong Increase
The MBA total Mortgage Applications Index rose 1.6% (-13.2% y/y) during the week ended December 7...
EMU-Area IP Is Slowing But Still Growing; IP Makes Modest Rebound
EMU IP gained 0.2% in October after a 0.6% decrease...
U.S. Producer Prices Edge Higher
The headline Final Demand Producer Price Index using new methodology ticked 0.1% higher (2.5 % y/y) during November...
by Robert Brusca August 5, 2008
Central banks are not having good luck with inflation. Of
course, critics will say that inflation fighting has little to do with
luck and that is true enough. The PPI is not a targeted rate by the ECB
so in some sense it can be anything and it doesn’t matter. But we know
it matters and that PPI prices feed into sectors and become costs for
consumer prices so a surging PPI is not good news at all.
| Euro Area and UK PPI Trends | ||||||
|---|---|---|---|---|---|---|
| M/M | Saar | |||||
| Euro Area -13 | Jun-08 | May-08 | 3-Mo | 6-Mo | Yr/Yr | Y/Y Yr Ago |
| Total excl Constructions | 0.9% | 1.2% | 12.8% | 11.1% | 8.0% | 2.3% |
| Excl Energy | 0.4% | 0.3% | 4.4% | 5.5% | 4.0% | 3.1% |
| Capital Goods | 0.2% | 0.2% | 2.5% | 3.0% | 2.0% | 1.9% |
| Consumer Goods | 0.2% | 0.1% | 2.1% | 3.6% | 4.5% | 1.6% |
| Intermediate & Capital Goods | 0.4% | 0.4% | 5.6% | 6.5% | 3.8% | 3.9% |
| Energy | 2.7% | 4.1% | 41.9% | 29.9% | 21.4% | -0.5% |
| MFG | 0.7% | 1.3% | 11.0% | 9.5% | 6.9% | 2.6% |
| Germany | 0.9% | 1.0% | 12.5% | 10.9% | 6.7% | 1.7% |
| Excl Energy | 0.3% | 0.4% | 3.9% | 4.5% | 3.0% | 2.8% |
| France | 0.7% | 1.3% | 11.7% | 9.2% | 7.3% | 1.9% |
| Excl Energy | 0.4% | 0.3% | 3.9% | 4.7% | 3.8% | 2.6% |
| Italy | 0.8% | 1.5% | 11.1% | 10.8% | 8.2% | 2.7% |
| Excl Energy | 0.5% | 0.2% | 5.1% | 6.4% | 4.2% | 3.2% |
| UK | 2.0% | 2.6% | 32.2% | 22.0% | 19.5% | 1.2% |
| Excl Energy | 0.8% | 1.4% | 12.9% | 11.3% | 7.2% | 2.9% |
| Euro Area 13 Harmonized PPI excluding Construction | ||||||
| The EA 13 countries are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia | ||||||
