Veggies Push Producer Prices Higher for January
The Producer Price Index for finished goods increased by a seasonally adjusted 0.2% for January, according to a Labor Department report [link opens in PDF] released today. The slight rise failed to meet market expectations of a 0.3% bump, but did reverse the previous three months' declining numbers.
Excluding food and energy prices, the PPI also increased 0.2%. While energy costs dropped 0.4% for January, food costs jumped 0.7% due primarily to a 39% price hike for fresh and dry vegetables.
Looking further up the supply chain, intermediate goods priced in the same as the previous month, while petroleum costs pushed crude goods up 0.8% for the seventh consecutive month-to-month increase.
On a 12-month scale, the PPI bumped up 0.1 percentage points to a 1.4% increase.
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