|
US inflation at the wholesale level rose by its sharpest amount in more than thirty years in November, while prices outside of energy and food rose by the largest amount in more than twenty five years, the Labor Department said Tuesday.
The department s Producer Price Index, which measures inflation pressures before they reach the consumer, rose 2.0 pct last month, sharper than the 0.5 pct rise economists had expected and the the largest drop since November 1974.
The headline PPI fell l 1.6 pct in the prior month after falling 1.3 pct in September.
The so-called core-rate of wholesale inflation, which excludes volatile food and energy prices, rose by more than six times the expected rate, surging 1.3 pct in November. That s the largest monthly gain in the core rate since July 1980 and substantially sharper than the 0.2 pct gain economists had expected.
The core rate fell 0.9 pct in October after rising 0.6 pct in September. Core producer prices have risen 1.8 pct in the past twelve months, the sharpest annual gain since October 2005.
Producer prices have risen 0.9 pct over the past year, compared with a 1.6 pct pct year-over-year decline in October. The were also up 0.9 pct for the year in September. Excluding the past three months, producer prices have not risen as slowly since October 2002, when they had risen 0.7 pct in twelve months.
Energy prices rose 6.1 pct in the month, the sharpest gain since February 2003, just before the US led invasion of Iraq. Within the sector, gasoline prices rose 17.9 pct, the sharpest increase since June 2000. Diesel fuel prices rose 14.6 pct, while home heating oil prices rose 7.7 pct and residential natural gas prices rose 5.9 pct in November.
Light truck prices rose a record 13.7 pct, shattering the prior record set in July 1980, when truck prices rose 4.9 pct.
Intermediate goods, which are partially processed materials, rose 0.7 pct in the month, the sharpest rise since May.
Crude goods rose 15.7 pct in November, the sharpest rise since January 2001. |
|