Posted on 06/15/2021 6:24:32 AM PDT by blam
US Producer Prices soared 6.6% YoY in May – the fastest pace on record. This is the 13th straight month of MoM PPI increases…
Over 40 percent of the May increase in the index for final demand services is attributable to margins for automobile retailing (partial), which jumped 27.3 percent.
The indexes for truck transportation of freight; apparel, footwear, and accessories retailing; portfolio management; chemicals and allied products wholesaling; and hardware, building materials, and supplies retailing also rose. Conversely, margins for food retailing fell 3.6 percent. The indexes for traveler accommodation services and for airline passenger services also decreased.
Within the index for final demand goods in May, prices for nonferrous metals rose 6.9 percent. The indexes for beef and veal; diesel fuel; gasoline; hay, hayseeds, and oilseeds; and motor vehicles also advanced. In contrast, prices for fresh fruits and melons declined 1.9 percent. The indexes for primary basic organic chemicals and for asphalt also moved lower.
Food & Energy costs were the biggest drivers of the surge…
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Finally, the spread between CPI and PPI remains extreme (though did narrow very modestly in May as we suspect costs are being passed on to consumers)…
Transitory cost-push inflation?
Janet says no worries it’s transitory. Pedo joe sees no evidence of it.
Unexpected. Another black swan event. Trump’s fault.
Those figures are wrong. Those must be for the economy of Lybia.
Lybia or Syria? Per pedo joe it can be confusing since the both have a “Y” in their spelling. :-)
Glad you “got it”
Could be Yugoslavia, Yemen, or Paraguay too I suppose?
In Joe’s world all roads lead to Lybia.
Unexpected as well as transitory.
"On which note, the New York Fed’s year-ahead inflation survey rose from 3.4% to 4% in May: for food it was around 8%, and rent nearly 10%. Yes, this can still be “transitory” – but it will destroy a vast amount of demand in the process. Yet keeping extraordinary monetary stimulus in place to help with that demand destruction risks it not being transitory, one way or another."
The “Ys” can be confounding when you throw them all up in the air.
Jimmy Carter v2.0
Many say worse.
Albeit, about as many are saying 'no' as they are saying 'yes'.
So....
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