PPI Services Shows No Price Pressures

Wholesale prices show continued weakness, especially services. The BLS reports PPI for Final Demand Declines 0.1% in March. Services and goods both decreased by 0.1%. Y

by Mish

Year-over-year prices are up by 2.3% but that is based on easy comparisons and it also includes a big jump in oil prices which barely filtered through.

BLS Points

  • The Producer Price Index for final demand declined 0.1 percent in March, seasonally adjusted. Final demand prices advanced 0.3 percent in February and 0.6 percent in January.
  • In March 2017, three-fourths of the decrease in the final demand index is attributable to prices for final demand services, which fell 0.1 percent. The index for final demand goods also inched down 0.1 percent.
  • Prices for final demand less foods, energy, and trade services edged up 0.1 percent in March, the tenth straight advance. For the 12 months ended in March, the index for final demand less foods, energy, and trade services climbed 1.7 percent

No Traction

For at least 13 months, the PPI services index has been flirting with one percent year-over-year price increases. There is no price traction on the services front.

In January, PPI Goods spiked on account of rising energy prices. Year-over-year comparisons will be easy to beat, but month-over-month is more likely to stabilize.

Helpful BLS Hint

Mike “Mish” Shedlock

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