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April’s consumer and producer prices; March wholesale sales

Summary:
RJS, MarketWatch 666 Summary: Producer Prices Rose 0.5% in April; Record Annual Increase of 16.3% for Final Demand for Goods The seasonally adjusted Producer Price Index (PPI) for final demand rose 0.5% in April, as average prices for finished wholesale goods rose by 1.3% while final demand for services was unchanged . . . that increase followed a revised 1.6% increase in March, when average prices for finished wholesale goods rose by 2.4% and final demand for services rose 1.2%, a revised 1.1% increase in February, when average prices for finished wholesale goods rose by 2.2% while margins of final services providers rose 0.5%, a revised 1.2% increase in January, when wholesale goods prices rose 1.6% and the price index for final demand for

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RJS, MarketWatch 666

Summary: Producer Prices Rose 0.5% in April; Record Annual Increase of 16.3% for Final Demand for Goods

The seasonally adjusted Producer Price Index (PPI) for final demand rose 0.5% in April, as average prices for finished wholesale goods rose by 1.3% while final demand for services was unchanged . . . that increase followed a revised 1.6% increase in March, when average prices for finished wholesale goods rose by 2.4% and final demand for services rose 1.2%, a revised 1.1% increase in February, when average prices for finished wholesale goods rose by 2.2% while margins of final services providers rose 0.5%, a revised 1.2% increase in January, when wholesale goods prices rose 1.6% and the price index for final demand for services rose 0.9%, and a revised 0.6% increase in December, when average prices for finished wholesale goods fell 0.1%, but margins of final services providers were 0.9% higher . . . on an unadjusted basis,  producer prices are now 11.0% higher than a year ago, down from the upwardly revised 11.5% year over year increase now shown for March’s producer prices, while the core producer price index, which excludes food, energy and trade services, rose by 0.6% for the month, and is now 6.9% higher than in a year ago, down from the revised 7.1% year over year core PPI increase that is now indicated for March…

As we noted, the producer price index for final demand for goods, which was previously aggregated as ‘finished goods’, was 1.3% higher in March, after being revised to 2.4% higher in March, to 2.2% higher in February, to 1.6% higher in January, and after being 0.1% lower in December, 0.9% higher in November, 1.3% higher in October. 1.2% higher in September, 1.0% higher in August, 0.8% higher in July, 1.3% higher in June, 1.4% higher in May, and 1.0% higher in April of last year, and hence is now up by a record 16.32% from a year ago, topping March’s revised 15.79% record annual increase . . . the finished goods price index rose 1.3% in April as the price index for wholesale energy goods was 1.7% higher in April, after it had risen by a revised 6.4% in March, and a revised 7.2% in February, and as the price index for wholesale foods rose 1.5%, after rising by a revised 2.5% in March, and a revised 2.0% in February, and while the index for final demand for core wholesale goods (excluding food and energy) rose 1.0% in April, after rising a revised 1.1% in March and by a revised 0.8% in February . . . wholesale energy prices  averaged 1.7% higher on a 8.1% increase in wholesale prices for diesel fuel, an 11.7% increase in whole-sale prices for home heating oil, and a 3.7% increase in wholesale prices for residential natural gas, while the wholesale food price index rose 1.5% on an 82.0% increase in the wholesale price index for eggs for fresh use, a 8.5% increase in the wholesale price index for fresh fruits and melons, a 5.1% increase in the wholesale price index for finfish and shellfish, and a 4.0% increase in the wholesale price index for pork, even as the wholesale price index for fresh and dry vegetables fell 26.6% . . . among core wholesale goods, the wholesale price index for mining machinery and equipment rose 4.9%, the wholesale price index for tires rose 4.4%, the wholesale price index for transformers and power regulators rose 3.9%. the wholesale price index for agricultural machinery and equipment rose 3.1%, the wholesale price index for household appliances rose 3.0%, and the wholesale price index for truck trailers rose 2.6%….

With the annual increase in the price index for final demand for goods at a record high, we are including a graph showing its year over year change monthly over the period that metric has been computed…

April’s consumer and producer prices; March wholesale sales

Meanwhile, the price index for final demand for services was unchanged in April, after rising by a revised 1.2% in March, by a revised 0.5% in February, by a revised 0.9% in January, and by a revised 0.9% in December, and is now up by 8.2% from a year ago, down from the record 9.2% year over year increase that is now indicated for March….the price index for final demand for trade services fell 0.5%, the price index for final demand for transportation and warehousing services rose 3.6%, while the core index for final demand for services less trade, transportation, and warehousing services was 0.1% lower . . . among trade services, seasonally adjusted margins for flooring and floor coverings retailers fell 13.7%, margins for health, beauty, and optical goods retailers fell 1.3%, margins for furniture retailers fell 5.0%, margins for sporting goods and boat retailers fell 2.8%, and margins for cleaning supplies and paper products retailers fell 2.1%, while margins for fuel and lubricants retailers rose 3.5% . . . among transportation and warehousing services, average margins for airline passenger services rose 2.9%, margins for truck transportation of freight rose 4.4%, and margins for air transportation of freight rose 3.5% . . . among the components of the core final demand for services index, the price index for portfolio management fell 1.8%, the price index for traveler accommodation services fell 3.1%, and the price index for arrangement of cruises and tours fell 2.0%, while the price index for passenger car rental rose 9.4%, and the price index for arrangement of vehicle rentals and lodging rose 3.0% …

This report also showed the price index for intermediate processed goods rose 2.2% in April after rising a revised 2.2% in March, by a revised 1.5% in February, and by a revised 2.2% in January . . . the price index for intermediate energy goods rose 4.5% in April, as producer prices for natural gas to electric utilities rose 10.2%, producer prices for industrial natural gas rose 7.0%, refinery prices for jet fuel rose 14.8%, and refinery prices for diesel fuel rose 8.1% . . . at the same time, the price index for intermediate processed foods and feeds rose 2.9%, as the producer price index for dairy products rose 2.8% and the producer price index for prepared animal feeds rose 1.6% . . . meanwhile, the core price index for intermediate processed goods less food and energy goods rose 1.4% even though the producer price index for softwood lumber fell 15.6%, as the producer price index for prepared paint rose 5.2%, the producer price index for basic organic chemicals rose 2.6%, the producer price index for aluminum mill shapes rose 6.2%, the producer price index for nonferrous foundry shop products rose 3.9%, the producer price index for metal containers rose 5.0%, the producer price index for secondary nonferrous metals rose 4.5%, the producer price index for plastic resins and materials rose 5.3%, and the producer price index for synthetic rubber rose 4.8%, while the producer price index for building paper and board fell 5.6% . . . average prices for intermediate processed goods are still 21.9% higher than in April a year ago, the same year over year increase as in March, but down from their 26.6% year over year increase in November, which had been a 46 year high…..

At the same time, the price index for intermediate unprocessed goods rose 5.8% in April, after rising a revised 1.8% in March, rising a revised 10.0% in February and a revised 2.9% in January, after falling by a revised 4.8% in December and rising by 2.3% in November. by 6.0% in October, by 2.8% in September, by 1.4% in August, by 3.2% in July, by 2.1% in June, and by 7.9% last May . . . that was as the April price index for crude energy goods rose 10.3%, as unprocessed natural gas prices rose 16.9%, crude oil prices rose 4.5% and coal prices rose 17.4%..at the same time, the price index for unprocessed foodstuffs and feed-stuffs was 2.5% higher on a 5.4% increase in producer prices for slaughter chickens, a 4.3% increase in producer prices for wheat, a 3.5% increase in producer prices for corn, a 4.3% increase in producer prices for alfalfa hay, and a 2.9% increase in producer prices for slaughter hogs . . . meanwhile, the index for core raw materials other than food and energy materials was 0.5% higher, on a 2.5% increase in the price index for copper base scrap and a 3.1% increase in the price index for recyclable paper . . . this raw materials index is now 48.1% higher than a year ago, up from the 41.8% year over year increase in March, but still down from the record 59.2% annual increase last April, and now the eighteenth consecutive year over year increase for this index, after the annual change on this index had been negative from the beginning of 2019 through October of 2020…

Lastly, the price index for services for intermediate demand was 0.7% higher in April, after being a revised 1.1% higher in March, a revised 0.2% higher in February, after rising a revised 0.7% in January, by 0.8% in December, and by 0.6% in November . . . the price index for intermediate trade services fell 0.1%, as margins for machinery and equipment parts and supplies wholesalers fell 0.4%, margins for intermediate building materials, paint, and hardware wholesalers fell 1.6%, and margins for intermediate food wholesalers fell 0.9% . . . on the other hand, the index for transportation and warehousing services for intermediate demand was 2.5% higher, as the intermediate price index for water transportation of freight rose 5.7%, the intermediate price index for truck transportation of freight rose 4.4%, the intermediate price index for air mail and package delivery services (not by USPS) rose 4.2%, the intermediate price index for transportation of passengers rose 2.8%, and the intermediate price index for warehousing, storage, and related services was 4.5% higher . . . at the same time, the core price index for intermediate services other than trade, transportation, and warehousing services rose 0.6%, as the intermediate price index for television advertising time sales rose 2.4%, the intermediate price index for data processing and related services rose 3.2%, the intermediate price index for nonresidential real estate rents rose 4.3%%, the intermediate price index for truck, utility trailer, and RV rental and leasing rose 3.6%, and the intermediate price index for passenger car rental rose 9.4% . . . over the 12 months ended in April, the year over year price index for services for intermediate demand is now 7.5% higher than it was a year ago, the nineteenth consecutive positive annual increase in this index change since it briefly turned negative year over year from April to August of 2020, while it is still down from the record 9.5% year over year increase indicated for July…

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