The Producer Price Index (PPI) representing the data accumulated over November 2024 was released this week. The report showed that the final demand index rose 0.4 percent in November and three percent over the course of 12 months.
According to the report, approximately 60 percent of the rise in final demand was attributed to a 0.7 percent rise in the index for final demand goods. By comparison, final demand services increased by only 0.2 percent.
For final demand goods, most of the growth is attributed to food demand. Prices jumped 3.1 percent in November. The biggest jump was a 54.6 percent increase in the index for chicken eggs. Additionally, vegetables, fruits, processed poultry, cigarettes, and residential power also increased. However, there was a decline in oilseeds, diesel fuel, and organic chemicals.
For final demand services, the monthly increase is attributable to machinery and vehicle wholesaling, which increased by 1.8 percent. Investment industries, automotive fuels, food wholesaling, and apparel also rose. Airline services, guestroom rentals, and computer hardware products declined.
The full report can be found here.
