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Enviado: 16/11/2004 14:29ECONOMIC REPORT: U.S. PPI jumps by 1.7% in October; Food, energy prices explode; core rate remains moderate
By Rex Nutting, CBS.MarketWatch.com
Last Update: 8:34 AM ET Nov. 16, 2004
WASHINGTON (CBS.MW) -- U.S. producer prices increased 1.7 percent in October, the fastest rate in 14 years, the Labor Department estimated Tuesday.
Most of the inflation in finished goods prices came from volatile food and energy categories. The core rate, which excludes food and energy, rose a more moderate 0.3 percent for the second straight month.
The headline figure stunned Wall Street economists, who were expecting a much milder 0.6 percent gain in the producer price index and a 0.2 percent rise in the core rate, according to a survey conducted by CBS MarketWatch.
The PPI advanced just 0.1 percent in September.
The PPI is now up 4.4 percent in the past 12 months; the core rate is up 1.8 percent in the past year.
Finished energy prices jumped 6.8 percent in October, including a 17.3 percent rise in wholesale gasoline prices. Home heating oil prices rose 17.9 percent. Electric power rose 2.3 percent, the biggest gain in nearly 14 years.
Meanwhile, finished food prices increased 1.6 percent, as wholesale vegetable prices rose 34.2 percent.
Finished capital goods prices increased 0.4 percent, including a 2.7 percent rise in light motor trucks and a 2.7 percent increase in construction machinery and equipment prices, a 24-year high.
Finished consumer goods prices excluding food and energy increased 0.2 percent in October. Passenger car prices fell 1.3 percent as the government implemented quality adjustments for the 2005 model year.
Price pressures were tamer further back in the production cycle.
Meanwhile, finished food prices increased 1.6 percent, as wholesale vegetable prices rose 34.2 percent.
Finished capital goods prices increased 0.4 percent, including a 2.7 percent rise in light motor trucks and a 2.7 percent increase in construction machinery and equipment prices, a 24-year high.
Finished consumer goods prices excluding food and energy increased 0.2 percent in October. Passenger car prices fell 1.3 percent as the government implemented quality adjustments for the 2005 model year.
Price pressures were tamer further back in the production cycle.
Intermediate goods prices rose 0.9 percent in October. Intermediate energy goods prices rose 4.3 percent, with core intermediate goods prices gaining 0.3 percent. Intermediate food prices fell for the fifth straight month.
Still, intermediate goods prices have risen 9 percent in the past year.
At the crude level, prices increased 4.3 percent in October, including a 7.9 percent gain in crude energy prices. Prices for basic industrial materials climbed 5.4 percent, including a 15.4 percent increase in iron and steel scrap.
By Rex Nutting, CBS.MarketWatch.com
Last Update: 8:34 AM ET Nov. 16, 2004
WASHINGTON (CBS.MW) -- U.S. producer prices increased 1.7 percent in October, the fastest rate in 14 years, the Labor Department estimated Tuesday.
Most of the inflation in finished goods prices came from volatile food and energy categories. The core rate, which excludes food and energy, rose a more moderate 0.3 percent for the second straight month.
The headline figure stunned Wall Street economists, who were expecting a much milder 0.6 percent gain in the producer price index and a 0.2 percent rise in the core rate, according to a survey conducted by CBS MarketWatch.
The PPI advanced just 0.1 percent in September.
The PPI is now up 4.4 percent in the past 12 months; the core rate is up 1.8 percent in the past year.
Finished energy prices jumped 6.8 percent in October, including a 17.3 percent rise in wholesale gasoline prices. Home heating oil prices rose 17.9 percent. Electric power rose 2.3 percent, the biggest gain in nearly 14 years.
Meanwhile, finished food prices increased 1.6 percent, as wholesale vegetable prices rose 34.2 percent.
Finished capital goods prices increased 0.4 percent, including a 2.7 percent rise in light motor trucks and a 2.7 percent increase in construction machinery and equipment prices, a 24-year high.
Finished consumer goods prices excluding food and energy increased 0.2 percent in October. Passenger car prices fell 1.3 percent as the government implemented quality adjustments for the 2005 model year.
Price pressures were tamer further back in the production cycle.
Meanwhile, finished food prices increased 1.6 percent, as wholesale vegetable prices rose 34.2 percent.
Finished capital goods prices increased 0.4 percent, including a 2.7 percent rise in light motor trucks and a 2.7 percent increase in construction machinery and equipment prices, a 24-year high.
Finished consumer goods prices excluding food and energy increased 0.2 percent in October. Passenger car prices fell 1.3 percent as the government implemented quality adjustments for the 2005 model year.
Price pressures were tamer further back in the production cycle.
Intermediate goods prices rose 0.9 percent in October. Intermediate energy goods prices rose 4.3 percent, with core intermediate goods prices gaining 0.3 percent. Intermediate food prices fell for the fifth straight month.
Still, intermediate goods prices have risen 9 percent in the past year.
At the crude level, prices increased 4.3 percent in October, including a 7.9 percent gain in crude energy prices. Prices for basic industrial materials climbed 5.4 percent, including a 15.4 percent increase in iron and steel scrap.