15 December 2011 14:33 [Source: ICIS news]
In contrast, prices at the wholesale or producer level for basic organic chemicals fell by 4.1% in November from October. That decline followed a 2.5% drop in October.
Last month’s 2% increase in wholesale prices for resins was not enough to offset the sharp 3.9% decline seen in October.
Overall, the department’s closely watched producer price index (PPI) for November showed a slight 0.3% advance.
Although modest, that gain reversed the 0.3% decline in October and put the PPI back on the upward trend that it has followed for most of 2011.
Economists and policymakers at the Federal Reserve Board – the
But the 0.3% gain in November is considered mild, especially when compared with the 1% rise seen in January this year and February’s worrisome 1.5% jump in the PPI.
Since then, the producer price index has generally held in the relatively normal range of 0.3% to 0.7%.
The November PPI gain of 0.3% was in large part attributed to a 1% jump in food products and to a sharp 9.4% advance in wholesale prices for home heating oil. The latter, however, is a seasonal gain related to the onset of the North American winter season.
With food and energy products backed out of the overall totals, the so-called core index for producer prices rose just barely by 0.1%.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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