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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (247)	6/14/2001 8:27:03 PM
From: craig crawford	Read Replies (1) of 1643

Thursday June 14 4:58 PM ET Inflation at Wholesale Level Tame in May dailynews.yahoo.com By Joanne Morrison The Labor Department (news - web sites) said on Thursday that its Producer Price Index (news - web sites) (PPI (news - web sites)), measuring prices paid to businesses for ready-to-sell goods such as clothing and gasoline, inched up 0.1 percent last month after a 0.3 percent rise in April. That was better than expected. Wall Street analysts polled by Reuters, on average, forecast the PPI would rise 0.3 percent and a slight 0.1 percent excluding food and energy prices. ``The surprisingly modest rise in producer prices makes it clear that inflation is not a growing threat,'' said Joel Naroff, president and chief economist of Naroff Economic Advisors Inc. in Holland, Pennsylvania Wholesale inflation during May was modest largely because of a drop in food prices, which posted a 0.4 percent decline in May after a 0.6 percent rise in April. In addition, energy prices rose a slight 0.2 percent in the latest month after inching up 0.1 percent in April. Higher energy prices over the past several months have helped push up the overall index. But after stripping out volatile food and energy prices, the so-called core PPI rose 0.2 percent in May after a matching 0.2 percent gain in April. ``I think it basically supports recent comments (from Fed officials) that inflation doesn't remain a concern,'' said James Glassman, senior economist at J.P. Morgan Chase. Although the energy component of the May PPI was contained overall, there was a huge 8 percent spike in heating oil prices. That was the biggest increase since an 11.6 percent rise in September 2000. Gasoline prices rose 0.4 percent in May while residential electric power increased 0.7 percent

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