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Economy in Brief

U.S. PPI Increases Moderately
by Tom Moeller  February 20, 2013

The producer price index for finished goods gained 0.2% last month (1.4% y/y) after a revised 0.3% December fall. Expectations had been for a 0.4% increase. (Data back to 2008 were revised due to updated seasonal factors.) Prices excluding food & energy also rose an expected 0.2% (1.8% y/y) in January. A 0.7% rise (3.0% y/y) in food prices recovered their December drop while energy prices fell 0.4% (-0.9% y/y), down for the fourth straight month.

Finished consumer goods prices increased 0.2% (1.5% y/y) after three months of decline. Excluding food & energy, consumer goods prices jumped 0.4% (2.3% y/y). Within the components, men's apparel prices rose 4.5% y/y but women's clothing costs increased just 1.4% y/y. Household appliance prices gained 2.2% y/y, furniture prices rose 1.8% y/y and passenger car prices were unchanged y/y. Capital equipment prices ticked up 0.1% last month (1.1% y/y).

Intermediate goods prices were unchanged (0.4% y/y) as energy costs fell 0.3% (-2.2% y/y). Food prices were off 1.3% (+5.3% y/y). Core-intermediate prices rose a steady 0.3% (0.7% y/y. Crude goods prices jumped another 0.8% (1.4% y/y) last month as energy prices surged 2.3% (-1.5% y/y). Food prices fell 0.4% but still were up 8.5% y/y. Prices excluding food & energy fell 0.3% (-3.7% y/y). 

The PPI data are contained in Haver's USECON database with further detail in PPI and PPIR. The expectations figures are available in the AS1REPNA database. 

The Exchange Rate Disconnect from the Federal Reserve Bank of New York can be found here.

 

Producer Price Index (%) Jan Dec Nov Jan Y/Y 2012 2011 2010
Finished Goods 0.2 -0.3 -0.4 1.4 1.9 6.0 4.2
 Less Food & Energy 0.2 0.1 0.2 1.8 2.6 2.4 1.2
  Foods 0.7 -0.8 1.3 3.0 2.5 6.3 3.9
  Energy -0.4 -0.6 -3.3 -0.9 -0.2 15.5 13.5
Intermediate Goods 0.0 0.1 -0.9 0.4 0.5 9.0 6.4
 Less Food & Energy 0.3 0.3 -0.1 0.7 0.3 6.2 4.3
Crude Goods 0.8 1.4 0.4 1.4 -3.2 17.4 21.3
 Less Food & Energy -0.3 1.4 1.3 -3.7 -5.2 18.5 32.5
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