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Economy in Brief

EMU PPI Surges Again 
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
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