Wholesale prices increased 1.8 percent in June, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported. This increase followed advances of 1.4 percent in May and 0.2 percent in April.
At the earlier stages of processing, prices received by producers of intermediate goods rose 2.1 percent in June after moving up 2.9 percent in the prior month, and the crude goods index increased 3.7 percent following a 6.7-percent gain in May.
Within finished goods, the index for energy goods climbed 6.0 percent in June after rising 4.9 percent in May. Prices for consumer foods increased 1.5 percent subsequent to a 0.8-percent advance in the previous month, and the index for finished goods other than foods and energy (core inflation) increased 0.2 percent for the second consecutive month.
First Six Months During the first six months of 2008, the finished goods index rose at a 12.4-percent seasonally adjusted annual rate (SAAR) after increasing at a 5.8-percent SAAR during the second half of 2007. Prices for finished energy goods climbed at a 38.1-percent SAAR from December 2007 to June 2008 after rising at a 16.7-percent SAAR for the 6 months ended December 2007.
The index for finished goods other than foods and energy advanced at a 4.5-percent SAAR for the 6 months ended in June after rising at a 1.7-percent SAAR during the prior six-month period. Prices for finished consumer foods moved up at a 9.8-percent SAAR during the first half of 2008 after increasing at a 7.1-percent SAAR through the second half of 2007.
At the earlier stages of processing, the intermediate goods index increased at a 22.5-percent SAAR from December 2007 to June 2008 after moving up at a 7-percent SAAR during the latter half of 2007, and prices for crude goods surged at a 74-percent SAAR for the six months ended in June after climbing at a 22.0-percent SAAR for the six months ended December 2007.
Before seasonal adjustment, the Producer Price Index for Finished Goods rose 1.6 percent in June to 182.5 (1982 = 100).
From June 2007 to June 2008, prices for finished goods increased 9.2 percent. Over the same period, prices for finished energy goods surged 27 percent, the index for finished goods other than foods and energy (core inflation) gained 3 percent, and the index for finished consumer foods advanced 8.3 percent. For the 12 months ended June 2008, prices received by intermediate goods producers moved up 14.5 percent, and the crude goods index climbed 45.5 percent.