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Economy in Brief

Euro PPI Goes Flat
by Robert Brusca August 03, 2010

Yr/Yr the PPI is mostly holding to its gains but the monthly index has gone flat for two months running. Inflation to the extent it percolates anywhere is still present mostly in the intermediate goods sector where commodity prices pressures are still lingering. Over three months intermediate goods inflation is spurting and accelerating steadily to a 7.5% annual rate. In contrast for consumer goods and capital goods inflation is crawling along at a pace of about 1.5% over the last three-months. While those results do reflect an ongoing acceleration in inflation for those two sectors from about 0.2% or 0.3% Yr/Yr it’s clear that pressures from intermediate goods are not exactly boiling over into finished products.

Inflation trends are mixed across the EU as well with Germany and France showing some acceleration while Italy and the UK show dissipating trends.

Growth has been somewhat irregular but inflation is looking far tamer and less troublesome that it was just a few months ago.

Euro-Area and UK PPI Trends
  M/M Saar
Euro-Area Jun-10 May-10 3-Mo 6-MO Yr/Yr Y/Y Yr Ago
TotalxConstruct 0.0% 0.0% 3.0% 4.2% 3.0% -6.6%
Capital Gds 0.0% 0.1% 1.6% 0.9% 0.3% 0.4%
Consumer Gds 0.1% 0.2% 1.5% 0.9% 0.2% -2.3%
Intermediate&Cap Gds 0.1% 0.7% 7.5% 6.2% 4.3% -6.5%
MFG -0.3% 0.1% 1.0% 3.1% 3.5% -7.4%
  Gy ExEnergy 0.2% 0.5% 4.7% 3.9% 2.1% -2.8%
  Fr ExF&Energy 0.0% 0.2% 2.7% 2.9% 1.5% -2.8%
Italy -0.6% 0.1% 0.4% 2.2% 3.8% -7.8%
UK -0.4% -0.4% 1.0% 2.9% 5.0% -1.0%
Euro-Area Harmonized PPI ex construction
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