July 2011 Consumer and Producer Price Indices

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The seasonally adjusted Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in July. Over the last 12 months, the all items index increased 3.6 percent before seasonal adjustment.

The gasoline index rebounded from previous declines and rose sharply in July, accounting for about half of the seasonally adjusted increase in the all items index. The food at home index accelerated in July and also contributed to the increase, as dairy and fruit indexes posted notable increases and five of the six major grocery store food groups rose.

The seasonally adjusted Producer Price Index for Finished Goods (PPI) rose 0.2 percent in July. This advance followed a 0.4 percent decrease in June and a 0.2 percent rise in May. At the earlier stages of processing, prices received by manufacturers of intermediate goods moved up 0.2 percent in July, and the crude goods index declined 1.2 percent. On an unadjusted basis, prices for finished goods moved up 7.2 percent for the 12 months ended July 2011.
 

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Details at different stages of processing include:

Finished goods -- The advance in the finished goods index was led by prices for finished goods less foods and energy, which rose 0.4 percent. Also contributing to higher finished goods prices, the index for finished consumer foods increased 0.6 percent. By contrast, prices for finished energy goods declined 0.6 percent.

Intermediate goods -- This index advanced 0.2 percent in July after no change in June. The increase was broad based, with prices for intermediate goods less foods and energy moving up 0.2 percent, the intermediate energy goods index advancing 0.4 percent, and prices for intermediate foods and feeds edging up 0.1 percent. On a 12-month basis, the index for intermediate goods climbed 11.6 percent, the largest increase since a 15.3 percent rise in September 2008.

Crude goods -- The index for crude goods fell 1.2 percent in July. For the three-month period ending in July, prices for crude materials declined 5.8 percent following a 6.2 percent rise from January to April. In July, the monthly decrease in the crude goods index is mostly attributable to prices for crude energy materials, which fell 2.6 percent. Also contributing to the July decrease, prices for crude foodstuffs and feedstuffs declined 0.8 percent. By contrast, the index for crude nonfood materials less energy advanced 0.7 percent.
 

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Nearly all of the price index changes for the forest products that we track rose more quickly on a year-over-year basis.

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