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| June Producer Price Data (#1) - Jul. 15, 2005 |
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Summary
Earlier this morning, the Labor Department performed Act II of this month's "Inflation Fantasies." The Department's report on producer price behavior during June mirrored yesterday's CPI outcome -- no change! I suspect even the folks in Washington responsible for concocting these numbers may be wincing a bit over what they hath wrought regarding June's results!
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Earlier today, the Labor Department reported no change in June producer prices. Based on the numbers contained in this release, the overall PPI was up 3.6%, year over year, versus a 3.9% increase for the 12-month period ended June 2004.
The so-called "core" rate, which, like in the CPI excludes the unimportant items of food and energy, was up 2.2% year over year, which compared with a 1.7% gain for the 12 months ended June 2004.
Soon, I will publish a more detailed examination of the June behavior of the three major government inflation series monitored regularly: Import prices, consumer prices and producer prices.
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