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June All-Items PPI Soars 1.8%, Core Contained at 0.2%

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The U.S. Labor Department's seasonally-adjusted core measure of producer price inflation grew at 0.2% month-over-month in June, the same pace as the previous month, while the headline measure moved up by 1.8%, four-tenths higher than consensus.

From a year ago, the core measure of producer price inflation was up 3.0%, two-tenths lower than expectations and the same pace as last month. The annual headline rate came in at 9.2%, half a percentage point higher than the consensus forecast of 8.7% and up from the previous month's annual gain of 7.2%.

The total price of intermediate goods rose 2.1% in the month and posted a 14.5% gain from the same time a year ago. Excluding food and energy, the rise was 1.3% month-over-month and 8.4% on the year.

The cost of total crude goods rose 3.7% in the month while the year-over-year increase stood at 45.5%. Excluding food and energy, prices actually went down 0.2% on the month, but rose 33.0% on the year.

Food prices increased 1.5% in the month while energy increased 6.0%. In crude goods, food prices were up 3.5% and energy was up 5.4%.

By Patrick McGee and edited by Stephen Huebl
©CEP News Ltd. 2008

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