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| October Producer Price Data (#1) - Nov. 15, 2005 |
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Summary
Earlier this morning, the Labor Department reported that producer prices during October rose 0.7%, which followed a 1.9% increase in September. For October, the so-called "core" rate, which excludes food and energy, fell 0.3%, reversing the 0.3% gain reported for September.
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The Labor Department reported this morning that the Producer Price Index rose 0.7% during October, which compared with a 1.9% rise in September. Excluding food and energy, the PPI fell 0.3% during October.
The consensus estimates for overall and core results ran around 0.0% and +0.2%, respectively. Thus, the consensus predictions missed both reported numbers by meaningful amounts.
For the 12 months ended October, the overall PPI stood 5.9% higher than a year earlier. Excluding food and energy, the year-over-year increase was 2.0%. Over the last three months, producer prices (including food and energy) have risen at a very substantial 13.2% annual rate.
Tomorrow (11/16), the Labor Department is scheduled to release October results for the Consumer Price Index. This is the third and last government series we follow closely each month. (The others are import prices and the PPI.) After CPI results are in, I will publish a more detailed analysis of the performance of all three measures.
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