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Description
The Producer Price Index for Finished Goods rose 0.1 percent in October, seasonally adjusted. This increase followed a 1.1-percent advance in September and a 1.4-percent decline in August. At the earlier stages of processing, prices received by manufacturers of intermediate goods inched up 0.1 percent in October after rising 0.4 percent in September, and the crude goods index increased 2.4 percent following a 0.1-percent gain in the previous month. (See table A.)
Among finished goods, prices for consumer foods moved up 1.0 percent in October following a 1.5-percent increase in the prior month. The index for energy goods decreased 0.8 percent after rising 4.1 percent a month earlier. The index for goods other than foods and energy was unchanged after edging up 0.1 percent in September.
Before seasonal adjustment, the Producer Price Index for Finished Goods moved up 0.7 percent in October to 168.6 (1982 = 100). From October 2006 to October 2007, finished goods prices advanced 6.1 percent. Over the same period, the index for finished energy goods climbed 16.6 percent, prices for finished consumer foods rose 7.1 percent, and the index for finished goods other than foods and energy increased 2.5 percent. At the earlier stages of processing, prices received by intermediate goods producers advanced 5.6 percent, while the crude goods index jumped 25.7 percent for the 12 months ended in October.
Finished goods
The index for finished consumer foods rose 1.0 percent in October after climbing 1.5 percent in September. Higher prices for fresh and dry vegetables, soft drinks, fresh fruits and melons, processed fruits and vegetables, and bakery products outweighed lower prices for beef and veal, pork, eggs for fresh use, dairy products, and processed young chickens. (See table 2.)
The index for finished energy goods declined 0.8 percent in October following a 4.1-percent advance in September. Gasoline prices decreased 3.1 percent after rising 8.4 percent a month earlier. The indexes for residential natural gas, home heating oil, and diesel fuel also declined in October following increases in the prior month. Prices for liquefied petroleum gas and kerosene rose less than in September. By contrast, partially offsetting the downturn in finished energy goods prices, the index for residential electric power moved up 0.2 percent following no change in September. Prices for lubricating and similar oils increased in October after falling a month earlier.
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