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Strategies & Market Trends : Aardvark Adventures

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Nov 28 9:30 AM EST

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From: ~digs	12/13/2007 9:13:03 AM
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U.S. Nov. PPI up 3.2% -- largest change since 1973 marketwatch.com Wholesale prices rose 3.2% in November, the largest change since August 1973, as the change in energy goods prices hit a new record high, the Labor Department reported Thursday. Wholesale energy prices rose 14.1% in November, beating the prior record change of 13.4% in January 1990. Gasoline price growth also hit a new record -- reaching 34.8% -- up from the prior record of 28.8% in April 1999. Meanwhile, the core producer price index, which excludes food and energy costs, rose 0.4%. Economists had expected November's producer price index to grow 1.8% and for the core to grow 0.2%. Producer prices are up 7.2% in the past year -- the largest change since 7.5% in October 1981. Core prices are up 2.0% in the past year. The inflation picture further back in the production pipeline was also record worthy. Intermediate goods prices rose 3.7%, the largest change since 4.5% in 1974. Intermediate energy-goods prices gained 13.3% -- a new record, and above the prior record of 10.1% in January 1990. Core intermediate goods prices -- one of the Fed's favorite measures of underlying inflation -- rose 1.0%, the largest change since 1.1% in May 2006. Crude goods prices rose 8.7%, as crude energy material prices gained 17.0%.

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