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Producer Prices Get Too Much Energy
By John Stith
Staff Writer
Article Date: 2005-04-19
Producer prices climbed to the mountainous 0.7% during the month of March but underlying price pressures were fairly low key according to a government report on Tuesday morning.
The producer price index is based on prices received by refineries, farms and factories. The Labor Department said this was the biggest jump another energy led gain in November.
Besides food and energy however, producer prices had mild advances and may help stem fears of inflation.
Energy prices jumped 3.3% in March. Gasoline shot up 5.3%; home heating oil was up 15.7%, and residential natural gas at 2.3%. This represents the biggest increase since October.
Producer prices jumped up 4.9% over the last 12-month period and is the biggest year-on-year gain since November. Oil prices continued to climb.
Oil shot up to $58 a barrel but currently hover around the $51 mark. Experts hope the April reports will relax energy prices.
Auto sales also slipped 0.2% last month while computers crashed down to 3.4%. Capitol equipment climber however, turning things around from February.
About the Author:
John Stith is a staff writer for WebProNews covering technology and business.
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