US producer prices rise 0.8% in June, gasoline up 7.2%

12 July 2013 15:52  [Source: ICIS news]

WASHINGTON (ICIS)--US wholesale prices for finished goods rose by 0.8% in June on a seasonally adjusted basis, the Labor Department said on Friday, with most of the advance credited to a 2.9% rise in energy products, including a 7.2% bump in gasoline prices.

In its monthly producer price index (PPI) report, the department noted that the June advance in producer prices - also known as wholesale prices - followed a 0.5% gain in May.

The May and June increases in the PPI followed downturns in the index in both March (-0.6%) and April (-0.7%).

The June advance in the PPI was attributed almost wholly to increased wholesale prices for energy products. In addition to the 7.2% gain in gasoline prices, increased prices for home heating oil and diesel fuel also contributed.

With energy products and foods both backed out of the overall PPI, the department said its so-called core index for wholesale prices rose by only 0.2%. It was the eighth consecutive monthly gain for that core measure.

US producer prices for organic chemicals and plastic resins also contributed to the June upturn, the department said.

Basic organic chemicals saw a 1.1% gain, according to the report, and followed declining wholesale prices in May and April.

Producer prices for plastic resins and related materials gained 0.6% in June from May, following downturns in both May and April.

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy

By: Joe Kamalick
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