15 March 2002, 16:36 US Feb PPI up 0.2 pct from Jan; core rate unchanged
WASHINGTON (AFX) - Producer prices rose 0.2 pct in February, while
the core rate, excluding food and energy prices, was unchanged from the
prior month, the Labor Department said.
The gain in overall PPI was in line with expectations, while the
the core rate was slightly lower than expected.
The consensus forecast of Wall Street economists was for a 0.2 pct
rise in the headline PPI, while the core rate was expected to rise 0.1
pct.
On a year-on-year basis, the overall PPI was down 2.6 pct, while
the core rate was up 0.5 pct.
In January, the PPI rose 0.1 pct and the core rate fell 0.1 pct.
The rise in prices was led by a rise in energy costs.
Energy prices rose 0.4 pct in February, after rising 0.1 pct in
January.
The price of gasoline rose 4.5 pct, while heating oil prices
increased 2.8 pct, and liquefied petroleum gas prices rose 1.7 pct.
Offsetting these gains were a 1.6 pct drop in residential natural
gas prices, and a 0.3 pct decline in residential electric power prices.
Food prices rose 1.0 pct in February after rising 0.8 pct in the
previous month.
Among core rate items, prices for light motor trucks and
pharmaceutical preparations rose, while prices for book publishing,
sanitary paper products and passenger cars declined.
Light motor truck prices rose 0.6 pct in February, marking the
largest rise in the segment since July 2001.
Pharmaceutical preparations rose 0.4 pct.
Neutralizing those gains, book publishing prices dropped 1.3 pct in
February, the largest drop in the segment since Oct 1996.
Sanitary paper product prices fell 0.9 pct in February, while
passenger car prices fell 0.2 pct in the month.
Prices for goods used in the intermediate stages of production fell
0.1 pct in February, after a 0.1 pct fall in January.
Excluding food and energy prices, intermediate good costs were
unchanged.
The cost of crude goods, primary products that require further
processing, fell 0.8 pct in February, after rising 3.7 pct in January.
The decline was led by natural gas prices, which fell 20.7 pct in
February. Slightly offsetting those gains, prices for crude petroleum
rose 13.3 pct in February, the largest increase since May 2000. And
prices for slaughter cattle rose 9.6 pct, the largest increase since
Oct 1985.
Excluding food and energy, crude good prices rose 1.5 pct.
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