Friday, July 12, 2013 9:09:10 AM
Producer Price Index
Released On 7/12/2013 8:30:00 AM For Jun, 2013
Prior Consensus Consensus Range Actual
PPI - M/M change 0.5 % 0.5 % 0.2 % to 0.9 % 0.8 %
PPI -Yr/Yr change 1.8 % 2.5 %
PPI less food & energy - M/M change 0.1 % 0.2 % 0.0 % to 0.3 % 0.2 %
PPI less food & energy - Yr/Yr change 1.6 % 1.6 %
Highlights
Inflation worsened in June at the producer level. The June producer price index jumped 0.8 percent, following a 0.5 percent boost in May. The latest number topped the consensus projection for a 0.5 percent increase. The core rate, which excludes both food and energy, firmed to 0.2 percent after rising 0.1 percent the month before. Expectations were for a 0.2 percent gain.
Food prices moderated to a 0.2 percent rise, following a rebound of 0.6 percent in May. Energy spiked 2.9 percent in June after a 1.3 percent boost in May. Gasoline prices surged 7.2 percent, following a 1.5 percent rise in May. Higher prices for home heating oil and diesel fuel also contributed to the rise in the finished energy goods index.
Turning to the core, a major contributor to the June increase were prices for passenger cars, which rose 0.8 percent. An advance in the index for light motor trucks also was a factor in higher finished core prices.
For the overall PPI, the year-ago rate accelerated to 2.5 percent from 1.8 percent in May (seasonally adjusted). The core rate held steady at 1.6 percent. On a not seasonally adjusted basis for June, the year-ago headline PPI was up 2.5 percent, while the core was up 1.7 percent.
Headline inflation was up sharply in June-largely due to energy-but core also was on the warm side. It is just one month of data but at the Fed, the hawks will be pointing to these numbers, arguing for early tapering.
Released On 7/12/2013 8:30:00 AM For Jun, 2013
Prior Consensus Consensus Range Actual
PPI - M/M change 0.5 % 0.5 % 0.2 % to 0.9 % 0.8 %
PPI -Yr/Yr change 1.8 % 2.5 %
PPI less food & energy - M/M change 0.1 % 0.2 % 0.0 % to 0.3 % 0.2 %
PPI less food & energy - Yr/Yr change 1.6 % 1.6 %
Highlights
Inflation worsened in June at the producer level. The June producer price index jumped 0.8 percent, following a 0.5 percent boost in May. The latest number topped the consensus projection for a 0.5 percent increase. The core rate, which excludes both food and energy, firmed to 0.2 percent after rising 0.1 percent the month before. Expectations were for a 0.2 percent gain.
Food prices moderated to a 0.2 percent rise, following a rebound of 0.6 percent in May. Energy spiked 2.9 percent in June after a 1.3 percent boost in May. Gasoline prices surged 7.2 percent, following a 1.5 percent rise in May. Higher prices for home heating oil and diesel fuel also contributed to the rise in the finished energy goods index.
Turning to the core, a major contributor to the June increase were prices for passenger cars, which rose 0.8 percent. An advance in the index for light motor trucks also was a factor in higher finished core prices.
For the overall PPI, the year-ago rate accelerated to 2.5 percent from 1.8 percent in May (seasonally adjusted). The core rate held steady at 1.6 percent. On a not seasonally adjusted basis for June, the year-ago headline PPI was up 2.5 percent, while the core was up 1.7 percent.
Headline inflation was up sharply in June-largely due to energy-but core also was on the warm side. It is just one month of data but at the Fed, the hawks will be pointing to these numbers, arguing for early tapering.
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