14 June 2011 15:16 [Source: ICIS news]
Energy products also saw sharp increases at the wholesale level last month, rising 1.5% from April and driven chiefly by a 2.7% jump in producer prices for gasoline.
In its monthly report, the department said that producer prices - also known as wholesale prices - for basic organic chemicals rose by 4.4% in May and followed strong gains of 3.3% and 3.4% in April and March respectively.
In plastic resins and materials, producer prices have been showing increasing strength since early this year, inching up by 0.8% in March, jumping 2.6% in April and accelerating to a 4.6% gain in wholesale prices for May.
The 0.2% gain in May for the department’s overall producer price index (PPI) indicated some moderation from what had been relatively sharp gains of 0.7% and 0.8% respectively in March and April.
As in earlier months, the May advance in the PPI was attributed chiefly to the 1.5% gain in wholesale energy prices, including the 2.7% increase in gasoline fuels.
The overall PPI gain for May might have been more pronounced except for an unusual 1.4% drop in wholesale prices for finished consumer foods.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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