PPI Softer: Services Offset Energy Price Increase
The Producer Price Index (PPI) for final demand was softer than expected in July, increasing by 0.1%, following a 0.2% rise in June. Over the past 12 months, the index advanced by 2.2%. The July increase was driven by a 0.6% rise in final demand goods, particularly energy prices, which grew by 1.9%. Final demand services fell 0.2%, primarily due to a drop in trade services margins. Excluding volatile categories like food, energy, and trade services, prices increased by 0.3% in July, resulting in a 3.3% year-over-year rise.
Key Points
- July 2024 PPI Increase: 0.1% increase in the PPI for final demand.
- 12-Month PPI Change: PPI for final demand up 2.2% year-over-year.
- Final Demand Goods: Prices rose by 0.6%, driven by a 1.9% increase in energy.
- Final Demand Services: Prices decreased by 0.2%, with trade services margins falling 1.3%.
- Energy Impact: 60% of the increase in goods prices was attributed to higher energy costs.
- Notable Price Increases: Gasoline up 2.8%, with rises in diesel fuel, meats, and jet fuel.
- Exclusions Effect: Excluding food, energy, and trade services, prices rose by 0.3%, up 3.3% year-over-year.
Source: BLS
Source: https://global-macro-monitor.com/2024/08/13/ppi-softer-services-offset-energy-price-increase/
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