Wholesale Prices Jump in November by Largest Amount in 32 Years
- This gain followed declines of 1.6 percent in October and 1.3 percent in September.
- The index for finished goods other than foods and energy rose 1.3 percent in November compared with a 0.9-percent decrease in the previous month.
- At the earlier stages of processing, prices for intermediate goods moved up 0.7 percent after falling 1.1 percent in the prior month, and the crude goods index increased 15.7 percent following a 10.5-percent decline in October.
By contrast, last week's report said consumer prices were flat in November, the third straight month of price relief at the retail level.
The big difference was energy costs, which fell in the consumer survey but were up 6.1 percent in the November survey of wholesale prices. The rise in wholesale energy costs was led by a 17.9 percent jump in gasoline prices, the biggest increase since June 2000. Natural gas for home use, home heating oil and diesel fuel costs all posted big gains at the wholesale level as well.
The capital equipment index moved up 1.4 percent in November following a 0.9-percent decrease in the preceding month. Prices for passenger cars rose 2.2 percent subsequent to a 2.3-percent decline a month earlier.