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Thursday, August 12, 2021

Producer Price Index jumps 7.8% in July; core gauge up 6.2%

  • July Producer Price Index: +1.0% vs. +0.6% consensus and +1.0% prior.
  • +7.8% Y/Y vs. +7.3% consensus and +7.3% prior, marking the largest advance since 12-month data was first calculated in November 2010.
  • Core PPI: +1.0% vs. +0.5% consensus and +1.0% prior.
  • +6.2% Y/Y vs. +5.6% consensus and +5.6% prior.
  • Looking at the product detail: About 20% of the July advance in prices for final demand services can be traced to margins for automobiles and automobile parts retailing, which jumped 11.2%. Indexes for airline passenger services; hospital outpatient care; machinery and equipment wholesaling; traveler accommodation services; and securities brokerage, dealing, investment advice, and related services increased.
  • Among prices for final demand goods, the index for tobacco products increased 2.7%. Prices for gasoline, diesel fuel, gas fuels; consumer institutional, and commercial plastic products; and eggs for fresh use all rose.

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