Keeping you up to date on the latest data releases.
The Producer Price Index (PPI) for finished goods jumped up at an annualized rate of 9.8 percent in September, after a flat reading in August. The 12-month growth rate in the PPI rose from 6.5 percent to 7.0 percent during the month and is just 0.2 percentage points below its recent cyclical high of 7.2 percent in July. Energy prices—driven by rising gasoline prices—spiked up 31.3 percent in September after three consecutive decreases. The PPI for finished consumer foods increased 6.9 percent in September after a 13.8 percent increase in August and is now up 8.1 percent on a year-over-year basis. Excluding food and energy prices, the (“core”) PPI rose 2.7 percent in September, compared to a 0.7 percent increase in August. Over the past three months, the annualized growth rate in the core PPI is 3.0 percent, modestly above its 12-month growth rate of 2.5 percent. Further back on the production line, pricing pressure was subdued relative to recent trends, as core intermediate goods rose 1.9 percent and core crude goods—which are up 21 percent over the past year—rose 12.6 percent in September.