By Tom Burnett CFA
On December 9, 2022, the Bureau of Labor Statistics released the data for the Producer Price Index for the month of November. The PPI rose 0.3% in November, following increases of 0.3% in both October and September. The Index rose by 7.4% in the 12 months ending November, compared to an increase of 8.1% in the year ending October. Most of the November increase was due to an increase of 0.4% in services, with the Index for goods rising only 0.1% in the month.
The Core Index, excluding food and energy, rose 0.3% in November, compared with a rate of 0.2% in October. For the 12 months ending in November, the Core Index rose 4.9%, down from a 12-month rate of 5.4% in October. The 4.9% increase was the lowest 12-month figure for the year. In November, food prices rose 3.3%, while energy prices fell by 3.3% in the month. Both food and energy prices had risen in the month of October.
The next PPI report will be released on January 18, 2023.
Tom Burnett CFA is Director of Research