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by Tom Moeller May 12, 2011
The U.S. producer price index for finished goods increased 0.8%
during April, similar to the 0.7% March gain. The rise was stronger than
the 0.6% Consensus expectation and the y/y increase of 6.6% was its
strongest since September 2008. Less food & energy, pricing pressures
remained firm. The 0.3% gain in the PPI less food & energy equaled the
March increase. The latest also beat Consensus expectations for a 0.2%
rise and the 2.1% y/y gain was its strongest since August 2009.
Higher energy prices continued to drive the overall PPI with a 2.5% gain (20.6% y/y) as gasoline prices increased a not seasonally adjusted 8.9% (38.7% y/y). Since the late-2008 low, gasoline prices have more-than-doubled. Home heating oil prices also were strong, posting a 6.1% increase (37.6% y/y). Natural gas prices rose a moderate 1.5% (0.6% y/y) while electricity prices gained 0.6% (3.1% y/y). Food prices posted a moderate 0.3% rise but the y/y increase remained strong at 5.1%. Meat prices (15.8% y/y) and dairy product prices (15.5% y/y) firmed further.
Finished consumer goods prices rose a stronger 0.9% (8.5% y/y) with the gain in food & energy costs. Core prices rose 0.3% (2.8% y/y). Furniture prices rose 2.1% y/y, the strongest gain since 2009 but appliance prices slipped 0.1% m/m (0.5% y/y). Men's apparel prices increased 2.3% y/y but women's clothing prices rose just 0.7%. Capital goods prices increased 0.3% last month and by an accelerated 1.3% y/y, the most since August 2009.
Intermediate goods prices jumped another 1.3% as energy prices increased 1.9% (20.4% y/y). Food prices also strengthened by 1.8% (14.3% y/y). Core-intermediate prices remained firm and rose another 1.1% (5.6% y/y). Crude materials prices jumped 4.0% (23.5% y/y). Strength in factory output lifted prices less food & energy prices by 2.6% (18.2% y/y. Metal prices remained strong. Crude energy prices rose 4.8% (20.6% y/y) while food prices rose 4.0% (29.7% y/y).
The PPI data are contained in Haver's USECON database with further detail in PPI and PPIR. The expectation figure is available in the AS1REPNA database.
| Producer Price Index (%) | Apr | Mar | Feb | Apr Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Finished Goods | 0.8 | 0.7 | 1.6 | 6.6 | 4.2 | -2.5 | 6.4 |
| Energy | 2.5 | 2.6 | 3.3 | 20.6 | 13.8 | -17.7 | 14.1 |
| Food | 0.3 | -0.2 | 3.9 | 5.1 | 3.9 | -1.4 | 6.8 |
| Less Food & Energy | 0.3 | 0.3 | 0.2 | 2.1 | 1.2 | 2.5 | 3.4 |
| Intermediate Goods | 1.3 | 1.5 | 2.0 | 9.4 | 6.4 | -8.4 | 10.3 |
| Less Food & Energy | 1.1 | 0.9 | 1.1 | 5.6 | 4.3 | -4.2 | 7.4 |
| Crude Materials | 4.0 | -0.5 | 3.4 | 23.5 | 21.4 | -30.3 | 21.5 |
| Less Food & Energy | 2.6 | -2.3 | 2.3 | 18.2 | 32.6 | -23.4 | 14.7 |
