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| July Producer Price Data (#1) - Aug. 17, 2005 |
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Summary
Earlier this morning, the Labor Department reported that producer prices rose a much larger than expected 1.0% in July, reversing in a material way last month's report of no change. The so-called "core" rate rose 0.4% during July, also a good deal more than was widely anticipated.
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Earlier today, the Labor Department reported that producer prices rose 1.0% in July. Based on the numbers contained in the release, the overall PPI was up 4.6% year over year, which compared with 3.9% increase for the 12-month period ended July 2004.
The so-called "core" rate, which, as in the CPI excludes food and energy, was up 0.4% for the month and up 2.8% year over year. The latter compared with a 1.4% gain for the 12 months ended July 2004.
The consensus forecasts for today's numbers were 0.5% for overall PPI, and 0.1% for the PPI's core rate.
Soon, I will publish a more detailed examination of the July behavior of the three major government inflation series monitored regularly: Import prices, consumer prices and producer prices.
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