36.3 F
Fort Worth
Friday, December 4, 2020
Banking U.S. wholesale prices rise for third time in four months

U.S. wholesale prices rise for third time in four months

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...

Wholesale prices in the U.S. rose for the third time in four months, boosted by increasing fuel costs that are pushing inflation higher throughout the economy.

The producer-price index gained 0.3 percent in December, matching the median projection of economists surveyed by Bloomberg, following a 0.4 percent advance the prior month, a Labor Department report showed Friday in Washington. The measure was up 1.6 percent from a year earlier, the most since September 2014.

The uptick is a sign that broader measures of inflation will continue to approach the goal of Federal Reserve policymakers, as costs pick up worldwide. Steady consumer demand and more stable commodity costs are expected to help keep prices in the production pipeline on an upward track, though the dollar’s strength could constrain increases.

Separately on Friday, the Commerce Department reported that retail sales strengthened in December on rising demand for motor vehicles, though the picture was mixed at other stores.

Projections for producer prices ranged from an advance of 0.1 percent to 0.5 percent, according to the Bloomberg survey. Prices had risen 1.3 percent in November from a year earlier.

Energy prices rose 2.6 percent from the prior month, as gasoline jumped 7.8 percent, accounting for almost half of the December rise in goods prices. Food costs showed a 0.7 percent increase, the most since last January.

Wholesale prices excluding food and energy rose 0.2 percent from the previous month following a 0.4 percent rise. Those costs were up 1.6 percent from December 2015.

Services inflation moderated, with prices rising 0.1 percent in December following a 0.5 percent increase.

Excluding food, energy, and trade services, producer costs rose 0.1 percent after climbing 0.2 percent the previous month. Some economists prefer this reading because it strips out the most volatile components of PPI.

Compared with a year earlier, this core measure increased 1.7 percent after a 1.8 percent gain.

One takeaway from the report was stable health-care prices, from a gauge used to calculate the Commerce Department’s consumer spending inflation index, the Fed’s preferred price measure. Those costs were unchanged in December from the prior month, before adjusting for seasonal variations. They rose 1.6 percent from a year earlier.

The producer price gauge is one of three monthly inflation reports released by the Labor Department, the other two being import costs and consumer prices.

The Fed targets 2 percent annual gains in the Commerce Department’s personal consumption expenditures price index. That gauge rose 1.4 percent in November from a year earlier.


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Gov. Greg Abbott tells supporters he’s considering placing law enforcement for central Austin under state control

In his latest move in a political fight against Austin over police funding, Gov. Greg Abbott says he is considering a proposal to put...

Joaquin Castro loses bid to lead U.S. House Foreign Affairs Committee

U.S. Rep. Joaquin Castro came up short Thursday in his bid to become chairman of the House Foreign Affairs Committee. He lost to U.S. Rep....

Biden, top Democrats swing behind bipartisan virus aid bill

By ANDREW TAYLOR Associated PressWASHINGTON (AP) — President-elect Joe Biden swung behind a bipartisan COVID-19 relief effort Wednesday and his top Capitol Hill allies...

Fort Worth announces plans to purchase Pier 1 Building for City Hall

Plans for a new City Hall for Fort Worth have been knocked around for years, maybe even decades. On Dec. 2, city officials announced...

U.S. Rep. Michael Burgess loses bid for GOP leadership position on key committee

U.S. Rep. Michael Burgess, R-Lewisville, conceded his bid to be the Republican leader on the House Energy and Commerce Committee on Wednesday. “I want to...