US Producer Prices Soar At Record Pace In June

• US Producer Prices Soar At Record Pace In June
  by Tyler Durden, https://www.zerohedge.com/
  Following yesterday’s hotter than expected consumer price inflation, expectations were for another rise in producer prices this morning and just like CPI, the headline PPI soared past expectations, up 1.0% MoM (rising 7.3% YoY vs 6.7% exp).
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  That is the highest print on record (back to only 2010) but for context that is the highest since a CPI print in 1982… 
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  Goods prices rose 1.2% MoM and Services were up 0.8% MoM…
  PPI Goods:
  Within the index for final demand goods in June, prices for industrial chemicals rose 4.5 percent.
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  Prices for gasoline, meats, electric power, processed poultry, and motor vehicles also moved higher. In contrast, the index for oilseeds fell 11.7 percent. Prices for diesel fuel and for distilled and bottled liquor (excluding brandy) also declined.   
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  PPI Services:
  Twenty percent of the June increase in the index for final demand services can be traced to margins for automobiles and automobile parts retailing, which rose 10.5 percent.
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  The indexes for machinery and vehicle wholesaling; hardware, building materials, and supplies retailing;  guestroom rental; professional and commercial equipment wholesaling; and transportation of passengers (partial) also moved higher.
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  Conversely, margins for apparel wholesaling fell 6.0 percent. The indexes for machinery and equipment parts and supplies wholesaling and for gaming receipts (partial) also declined.
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  read more.

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