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Wholesale inflation measured by producer prices for the month of May is out, and the fears of inflation are not yet working into the system. The nominal PPI came in +0.2% for May and the core PPI on an ex-food and energy basis came in with a drop of -0.1%. Dow Jones listed their consensus estimates as +0.6% on headline PPI and +0.1% on core PPI.
There were slight gains in intermediate and finished goods. The intermediate goods came in at +0.3% and finished goods rose by +0.2%.
If this sounds as though we are heating up, consider that this PPI reading is down roughly 5% year over year. A year ago, we had all of the commodity prices going through the roof.
Jon C. Ogg
June 16, 2009
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