The Department of Labor’s (DOL) Consumer Price Index (CPI) increased by 2.6 percent over the last twelve months. The Producer Price Index’s final demand component for goods and services rose 2.4 percent in that same period.
The CPI’s increase from September to October was 0.2 percent, the same increase as in the prior three months. Since October 2023, the index has increased 2.6 percent.
The index for shelter rose 0.4 percent in October, accounting for over half of the monthly increase in the all-items index. The food index also increased over the month, rising 0.2 percent. The food-at-home index increased by 0.1 percent, and the food-away-from-home index rose by 0.2 percent. The energy index was unchanged.
The all-items index rose 2.6 percent over the past year. All items less food and energy rose 3.3 percent in that same period. The energy index decreased by 4.9 percent. The food index increased by 2.1 percent, while the index for meats, poultry, fish, and eggs rose 1.9 percent over the past year. Chicken rose 1.1 percent during that time, and eggs rose 30.4 percent.
The complete November 2024 CPI report can be found here.
The PPI report shows that the index for final demand increased 0.2 percent in October. Over the past 12 months, it rose 2.4 percent.
According to the report, the most significant increase in the index can be traced to a 0.3 percent increase in the index for final demand services. The prices for final demand goods increased 0.1 percent. The index for final demand without foods, energy, or trade services increased 0.3 percent over the past month and 3.5 percent over the past year.
Final demand services can attribute its rise over the past month to certain product classes. One-third of the index’s rise can be traced to portfolio management, which advanced 3.6 percent. The indexes for machinery and vehicle wholesaling, airline passenger services, computer hardware, software, and supplies retailing, outpatient care (partial), and cable and satellite subscriber services also increased. In the reverse, margins for apparel, footwear, and accessories retailing fell 3.7 percent. Prices for securities brokerage, dealing, investment advice, related services, and freight truck transportation also declined.
Final demand goods has also seen some stark changes. A significant factor was the index for carbon steel scrap increasing by 8.4 percent. The indexes for meats, diesel fuel, fresh and dry vegetables, and oilseeds also increased. In contrast, prices for liquefied petroleum gas fell 18.1 percent, and the indexes for chicken eggs, processed poultry, and ethanol also decreased.
The full PPI report for November 2024 can be found here.
