10 August 2001, 16:36 US PPI-OVERVIEW
--US July producer prices -0.9%; core rate +0.2%
--US July intermediate producer prices -1.0%; core -0.4%
--US July crude producer prices -5.3%; core -0.9%
--US July producer prices ex-energy unchanged; energy prices -5.8%
--US July PPI gasoline prices -17.7%; biggest drop since July '86
--US July producer heating oil prices -9.1%; natural gas -4.0%
--US July food producer prices -0.6%; tobacco -0.1%
--US July light truck prices +2.3%, steepest rise since April 1987
--US July producer car prices -0.3%; civilian aircraft +0.8%
--US July producer capital equipment prices +0.2%, computers -0.3%
By Andrew Williams
Washington, Aug. 10 (BridgeNews) - Sharp declines in energy costs
left U.S. producer prices down 0.9% in July, the sharpest drop since
August 1993, the Labor Department announced Friday. Excluding food and
energy, however, wholesale prices rose 0.2%, largely on an increase in
truck prices.
Wall Street analysts polled by BridgeNews were expecting producer prices
to fall 0.3% and to gain just 0.1% excluding food and energy.
* * *
Increases in capital equipment and consumer goods prices were behind
the bigger-than-expected increase in the PPI core rate, according to
Labor. Prices on light motor trucks rose 2.3%, the biggest increase since
April 1987, while the cost of heavy trucks was up 1.0%. Civilian aircraft
costs jumped 0.8%.
Wholesale prices for radial tires, women's apparel and pharmaceuticals
also posted gains.
However, the steep decline in the overall producer price index stemmed
from the biggest energy price drop in nearly 12 years as well as a decline
in food costs.
Energy price plummeted 5.8%. Specifically, gasoline prices fell 17.7%,
heating oil prices fell 9.1%, and residential natural gas prices 4.0%.
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