Producer Price Index (PPI) Graphic
The Producer Price Index (PPI) again offered positive news on inflation in November, rising 0.4% for the third straight month in a row. Further, the Bureau of Labor Statistics (BLS) and Labor Department (DOL) report showed the year-on-year rate on an unadjusted basis rose 0.3% to 3.1%, the highest in nearly 6 years.
That’s the largest advance since a 3.1% gain for the 12 months ended January 2012. With today’s report, the Federal Open Markets Committee (FOMC) is all but certain to raise rates at the policy-making meeting on Wednesday.
Inflation hasn’t been strong enough with the economy at full employment.
In November, three-fourths of the rise in the final demand index is attributable to a 1.0% gain in prices for final demand goods. The index for final demand services climbed 0.2%. The index for final demand less foods, energy, and trade services rose 0.4% in November, the largest advance since increasing 0.6 percent in April.
For the 12 months ended in November, prices for final demand less foods, energy, and trade services moved up 2.4%.
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