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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller March 15, 2012
The producer price index for finished
goods rose 0.4% during February, the strongest increase since last
September. Consensus expectations had been for a 0.5% rise, according to the
Action Economics survey. Core pricing power eased. The PPI less
food & energy rose 0.2%, half the prior month's gain, and matched
expectations.
Higher energy prices were behind the strength in last month's overall PPI increase. The 1.3% (5.8% y/y) gain owed to a 4.3% rise (13.9% y/y) in gasoline prices. Home heating oil costs also were strong posting a 5.3% jump (10.6% y/y). These gains were countered by a 2.8% slide (-9.8% y/y) in residential gas prices. Another decline in food prices countered energy cost strength with a 0.1% dip (+1.6% y/y), the third decline in as many months. Egg prices fell 4.4% (-11.2% y/y) while beef & veal prices dropped 1.2% (+9.4% y/y).
Finished consumer goods prices rose 0.5% (3.7% y/y) versus January. Less food & energy, consumer goods prices rose 0.2% (3.5% y/y). Within the components, men's apparel prices rose 6.3% y/y while women's clothing costs increased 1.7% y/y. Household furniture prices gained 2.7% y/y while appliance prices rose 4.7% during the last twelve months. Passenger car prices rose a moderate 1.2% y/y. Capital equipment prices ticked up 0.1% last month and by 2.2% since last February.
Intermediate goods prices jumped 0.7% were up a firm 3.4% y/y. Energy prices rose 0.3% last month (5.5% y/y) and food prices slipped 0.1% (+4.5% y/y), down for the fourth month in the last five. Core-intermediate prices jumped 1.0% (2.5% y/y). Crude materials prices increased 0.4% last month and 1.6% during the last twelve. Energy prices gained 0.3% (0.8% y/y) while food prices rose 0.6% (3.7% y/y). Prices less food & energy fell 0.3% and were down 2.5% versus last year.
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 (%) | Feb | Jan | Dec | Feb Y/Y | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
Finished Goods | 0.4 | 0.1 | -0.1 | 3.4 | 6.0 | 4.2 | -2.5 |
Less Food & Energy | 0.2 | 0.4 | 0.3 | 2.9 | 2.4 | 1.2 | 2.6 |
Food | -0.1 | -0.3 | -0.9 | 1.6 | 6.3 | 3.9 | -1.4 |
Energy | 1.3 | -0.5 | -0.4 | 5.8 | 15.7 | 13.6 | -17.6 |
Intermediate Goods | 0.7 | -0.4 | -0.2 | 3.4 | 9.1 | 6.4 | -8.4 |
Less Food & Energy | 1.0 | -0.1 | -0.5 | 2.5 | 6.2 | 4.3 | -4.2 |
Crude Materials | 0.4 | 1.5 | -1.5 | 1.6 | 17.4 | 21.4 | -30.3 |
Less Food & Energy | -0.3 | 0.6 | -0.1 | -2.5 | 18.7 | 32.5 | -23.3 |