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| September Producer Price Data (#1) - Oct. 18, 2005 |
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Summary
Earlier this morning, the Labor Department reported that producer prices during September shot up 1.9%. Even the so-called "core" rate, which excludes food and energy prices, was up a greater-than-expected 0.3% during the month.
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The Labor Department reported this morning that the Producer Price Index rose 1.9% during September, the largest monthly increase in more than three decades.
Even the PPI's so-called "core" rate, which excludes food and energy, rose a stronger-than-expected 0.3% in September. The consensus estimates for overall and core results ran around 1.2% and 0.2%, respectively.
As of the end of September, the overall PPI stood 6.7% higher than a year earlier. Excluding food and energy, the year-over-year increase was 2.5%.
This morning's release was for the third and last government series we monitor closely each month. (The others are import prices and the Consumer Price Index, both reported last week.) I will soon publish a more detailed analysis of the performance of all three measures.
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