Thursday, June 14, 2007

Producer Prices Rise 0.9% in May

Led by another big gain in energy prices, wholesale prices rose a greater-than-expected 0.9% in May, the Labor Department reported Thursday.
Energy prices jumped 4.1%, the biggest increase in six months. Wholesale gasoline prices rose 10.2%.
The core producer price index, which excludes volatile food and energy prices, rose 0.2%, the first increase in three months.
I love how they exclude food and energy prices. What they are saying is that as long as you do not eat or drive inflation is under control. I guess Paris Hilton and Nicole Richie will be happy with this report.

No comments: