Among prices for finished goods, the index for energy goods fell 11.2 percent in November following a 12.8-percent drop in the preceding month. Prices for consumer foods were unchanged after declining 0.2 percent in October. By contrast, partially counteracting the slower rate of decrease in the finished goods index, prices for goods other than foods and energy advanced 0.1 percent in November compared with a 0.4-percent rise a month earlier.
Before seasonal adjustment, the Producer Price Index for Finished Goods fell 2.9 percent in November to 172.1 (1982 = 100). For the 12 months ended in November, prices for finished goods advanced 0.4 percent. Over the same period, the index for finished goods other than foods and energy rose 4.2 percent, and prices for finished consumer foods increased 6.7 percent. By contrast, the index for finished energy goods decreased 15.4 percent for the 12 months ended in November. At the earlier stages of processing, prices received by intermediate goods producers advanced 2.6 percent, while the crude goods index declined 19.4 percent.
Finished goods
The index for finished energy goods fell 11.2 percent in November subsequent to a 12.8-percent drop in October. Prices for residential natural gas decreased 4.6 percent in November after declining 5.9 percent a month earlier. The indexes for both unleaded premium and mid-premium gasoline and for kerosene also moved down less than they had in October. Prices for residential electric power turned up in November after falling in the prior month. By contrast,the home heating oil index decreased 23.3 percent in November following a 9.6-percent decline in the preceding month. Prices for liquefied petroleum gas and unleaded regular gasoline also fell more than they had in October.
The index for finished consumer foods was unchanged in November following a 0.2-percent decline in the previous month. Prices for beef and veal increased 6.3 percent after recreasing 8.8 percent in October. The indexes for packaged fluid milk and related products and citrus fruits also turned up in November. By contrast, the index for processed young chickens declined 0.9 percent subsequent to a 5.9-percent advance in October. Prices for eggs for fresh use, natural cheese (except cottage cheese), and melons also turned down after rising a month earlier. The index for fresh vegetables (except potatoes) rose less in November than in the prior month.
The index for finished goods other than foods and energy inched up 0.1 percent in November following a 0.4-percent increase in the preceding month. Tire prices advanced 0.1 percent after climbing 4.0 percent in October. The indexes for light motor trucks, consumer plastic products, malt beverages, power and distribution transformers, and for jewelry and jewelry products turned down in November. By contrast, passenger car prices fell 0.6 percent subsequent to a 1.7-percent decrease in October. The index for pharmaceutical preparations rose in November after declining in the prior month, and prices for soaps and synthetic detergents increased more than they had in October.
Intermediate goods
The Producer Price Index for Intermediate Materials, Supplies, and Components decreased 4.3 percent in November after falling 3.9 percent in October. Prices for materials for both nondurable and durable manufacturing, intermediate energy goods, and materials and components for construction declined more in November than they had a month earlier. Conversely, partially offsetting the faster rate of decrease in intermediate materials prices, the index for intermediate foods and feeds fell less than it had in October.
The index for materials for nondurable manufacturing moved down 8.5 percent in November following a 4.6-percent decline in the prior month. Prices for basic inorganic chemicals decreased 4.9 percent compared with a 1.1-percent gain in October. The index for surface active agents also turned down after rising in the previous month. The indexes for plastic resins and materials and for agricultural chemicals and chemical products fell more than they had a month earlier. Prices for cyclic intermediate chemicals and dyes decreased after no change in
the preceding month. By contrast, prices for primary basic organic chemicals moved down 15.5 percent following a 20.8-percent plunge a month earlier. The indexes for beef and veal and for writing and printing papers turned up in November. Prices for synthetic rubber advanced more than in the previous month.
The index for intermediate energy goods fell 12.3 percent in November subsequent to a 10.6-percent decline a month earlier. Prices for residual fuels plummeted 34.5 percent following a 19.6-percent decrease in October. The indexes for heating oil, unleaded regular gasoline, liquefied petroleum gas, and diesel fuel also fell more in November than in the preceding month. Prices for industrial electric power edged down after advancing in the prior month. By contrast, the rate of decline in the natural gas to electric utilities index slowed to 1.4 percent following a 13.3-percent decrease in October. Prices for commercial natural gas, jet fuel, and unleaded premium gasoline also declined less than they had a month earlier.
Prices for materials for durable manufacturing moved down 6.2 percent in November compared with a 4.1-percent decrease in the preceding month. The steel mill products index fell 9.0 percent subsequent to a 4.2-percent decline in October. Similarly, prices for secondary nonferrous metals, copper and brass mill shapes, nonferrous wire and cable, and aluminum mill shapes also fell more than they had a month earlier. The index for non-marine OEM paint finishes turned down after rising in October. By contrast, the rate of decline in prices for unfinished softwood lumber (not made from purchased materials) slowed to 2.6 percent in November following a 9.6-percent decline in the prior month. The index for synthetic fibers also declined less than it had in the prior month.
Prices for materials and components for construction declined 1.1 percent after decreasing 0.7 percent in October. The index for asphalt felts and coatings fell 1.5 percent following a 5.6-percent increase a month earlier. Prices for millwork, plastic products, and fabricated ferrous wire products also turned down in November. The indexes for steel mill products and for nonferrous wire and cable decreased more than they had in October. Conversely, prices for paving mixtures and blocks inched up 0.1 percent after moving down 3.7 percent in the prior month. The index for ready-mix concrete also turned up in November. Prices for unfinished softwood lumber (not made from purchased materials) and treated wood fell less than they had in October.
Prices for intermediate foods and feeds decreased 2.4 percent in November compared with a 5.5-percent decline in the prior month. The fats and oils index moved down 2.9 percent subsequent to an 11.0-percent drop in October. Flour prices also decreased less than they had a month earlier. Prices for corn, cottonseed, and soybean cake and meal; beef and veal; and packaged fluid milk and related products turned up in November. By contrast, the index for formula feeds fell 9.3 percent after declining 5.8 percent in the previous month. Prices for processed young chickens and natural cheese (except cottage cheese) turned down in November. The refined sugar and byproducts index rose less than it had in October.
Crude goods
The decline in the Producer Price Index for Crude Materials for Further Processing slowed to 12.5 percent in November from 18.6 percent in October. The indexes for crude foodstuffs and feedstuffs and for crude energy materials decreased less than in the prior month. Conversely, partially offsetting the slower rate of decline in crude material prices, the index for crude nonfood materials less energy fell more than in October.
The index for crude foodstuffs and feedstuffs moved down 1.2 percent in November following an 11.1-percent decrease in the preceding month. The decline in grains prices slowed to 4.1 percent from 22.3 percent in October. Prices for hay, hayseeds, and oilseeds; fluid milk; and slaughter cows and bulls also fell less than a month earlier. The index for slaughter steers and heifers turned up in November after declining in the preceding month, and prices for Irish potatoes for processing were unchanged after decreasing in October. By contrast, the index for slaughter hogs dropped 15.8 percent after moving down 9.3 percent in the prior month. Prices for slaughter chickens rose less in November than in the previous month.
The decline in the index for crude energy materials slowed to 18.7 percent from 24.9 percent inOctober. The index for natural gas fell 10.9 percent after dropping 29.1 percent a month earlier. Conversely, prices for crude petroleum decreased 30.2 percent in November after moving down 26.0 percent in the previous month. The coal index turned down 0.5 percent after rising 0.4 percent in October.
The index for crude nonfood materials less energy fell 20.4 percent subsequent to a 17.0-percent decline in the previous month. The index for wastepaper dropped 57.1 percent in November after decreasing 10.6 percent a month earlier. Prices for copper ores; carbon steel scrap; raw cotton; copper base scrap; and logs, bolts, timber, and pulpwood also fell more than in October. The index for gold ores turned down after rising in the prior month. By contrast, the decline in the index for aluminum base scrap slowed to 17.6 percent in November from 22.0 percent a month earlier. Prices for soybeans turned up after falling in October.
Net output price indexes
Mining, Utilities, and Manufacturing Industries. The Producer Price Index for the Net Output of Total Mining, Utilities, and Manufacturing Industries fell 4.0 percent in November after declining 3.4 percent in October. (Net output price indexes are not seasonally adjusted.) Prices received by manufacturers of automobiles, light trucks, and utility vehicles decreased 1.2 percent in November after rising 7.6 percent a month earlier. The industry indexes for electric power generation, poultry processing, and cheese manufacturing also turned down after increasing in October. Prices received by petroleum refineries declined more in November than they had in the prior month. By contrast, partially offsetting the faster rate of decline in the total mining, utilities, and manufacturing industries index, prices received by natural gas distributors increased 0.8 percent in November following a 6.2-percent drop in the preceding month. The industry indexes for electric power distribution, livestock slaughtering, and crude petroleum and natural gas extraction fell less than they had in October. Prices received by fluid milk manufacturers turned up in November. In November, the index for total mining, utilities, and manufacturing industries was 108.1 (December 2006 = 100), 1.2 percent above its year-ago level.
Trade Industries. The Producer Price Index for the Net Output of Total Trade Industries decreased 3.2 percent in November compared with a 2.8-percent rise in October. (Trade indexes measure changes in margins received by wholesalers and retailers.) Margins received by gasoline stations with convenience stores plummeted 53.4 percent in November after jumping 46.1 percent a month earlier. The margin indexes for merchant wholesalers of durable goods, general merchandise stores, fuel dealers, and specialty food stores also turned down after increasing in October. Margins received by merchant wholesalers of nondurable goods and by pharmacies and drug stores rose less in November than they had in the preceding month. By contrast, the rise in the margin index for grocery stores accelerated to 4.7 percent from 0.2 percent in the prior month. Margins received by office supplies and stationery stores and by sporting goods stores turned up after declining in October. In November, the index for total trade industries was 110.6 (December 2006 = 100), 6.0 percent above its year-ago level.
Transportation and Warehousing Industries. The Producer Price Index for the Net Output of Total Transportation and Warehousing Industries declined 1.7 percent in November after falling 0.4 percent in October. Prices received by the industry for scheduled passenger air transportation moved down 3.4 percent in November compared with a 2.1-percent increase in the previous month. The indexes for both the inland water and deep sea freight transportation industries also turned down after rising in October. The indexes for general freight trucking and for long distance specialized freight trucking of new goods declined more in November than they had in the preceding month. By contrast, prices received by couriers were unchanged after falling 3.1 percent in October. The industry indexes for freight transportation arrangement and local specialized freight trucking of new goods decreased less in November than they had a month earlier. In November, the index for total transportation and warehousing industries was 112.6 (December 2006 = 100), 5.7 percent above its year-ago level.
Traditional Service Industries. The Producer Price Index for the Net Output of Total Traditional Service Industries inched up 0.1 percent in November following a 0.3-percent gain in the previous month. Higher prices received by the industries for commercial banking, insurance carriers, and software publishers outweighed lower prices for portfolio management, investment banking and securities dealing, non-casino hotels and motels, lessors of nonresidential buildings, savings institutions, and for general medical and surgical hospitals. In November, the index for total traditional service industries was 102.7 (December 2006 = 100), 0.1 percent above its year-ago level.
