FOR DATA ONLY: (202) 606-7828 USDL 98-05 FOR TECHNICAL INFORMATION: TRANSMISSION OF MATERIAL IN (202) 606-7705 THIS RELEASE IS EMBARGOED MEDIA CONTACT: (202) 606-5902 UNTIL 8:30 A.M. (E.S.T), THURSDAY, http://stats.bls.gov/ppihome.htm JANUARY 8, 1998 Producer Price Indexes -- December 1997 The Producer Price Index for Finished Goods decreased 0.2 percent in December, seasonally adjusted, the Bureau of Labor Statistics of the U. S. Department of Labor reported today. This followed a decrease of 0.2 percent in November. The index for finished goods other than foods and energy declined 0.1 percent for the second consecutive month. Prices received by domestic producers of intermediate goods declined 0.2 percent after rising 0.2 percent in November. The crude materials index fell 5.6 percent, following a 1.6-percent gain in the prior month. (See table A.) Among finished goods in December, prices fell for all major groupings -- capital equipment, finished consumer goods other than foods and energy, finished energy goods, and finished consumer foods. Each of these indexes also declined in November. Table A. Monthly and annual percent changes in selected stage-of- processing price indexes, seasonally adjusted Finish ed goods Change in Except finished Inter- goods foods from 12 mediateCrude and months Month Total Foods Energy energy ago goods Goods (unadj.) 1996 Dec. 0.5 -0.2 3.3 0.1 2.8 0.5 6.2 1997 Jan. -0.3 -1.0 -0.2 0 2.5 0.2 3.8 Feb. -0.3 -0.4 -1.2 -0.1 2.2 -0.2 -8.3 Mar. -0.2 0.8 -3.1 0.1 1.5 -0.4 -7.7 Apr. -0.5 -0.4 -3.2 -0.1 0.8 -0.3 0.6 May -0.2 0.4 -1.3 -0.2 0.4 -0.2 2.1 June -0.2 -0.9 0.5 0.1 -0.1 0 -3.2 July -0.1 -0.2 0.2 -0.2 -0.2 -0.1 -0.1 Aug. 0.3 0.2 r1.5 0.1 -0.2 r0.2 r0.6 Sept. 0.5 0.1 r1.2 0.4 0 r0.2 r0.7 Oct. 0.1 0.4 0.1 0 -0.2 -0.1 4.0 Nov. -0.2 -0.1 -0.8 -0.1 -0.6 0.2 1.6 Dec. -0.2 -0.1 -0.2 -0.1 -1.2 -0.2 -5.6 r=revised. Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 1997 have been revised to reflect the availability of late reports and corrections by respondents. -2- Before seasonal adjustment, the Producer Price Index for Finished Goods declined 0.5 percent in December to stand at 131.1 (1982=100). From December 1996 to December 1997, the finished goods index decreased 1.2 percent after increasing 2.8 percent in 1996. The last larger calendar-year decline for finished goods was in 1986, when the index dropped 2.3 percent due to falling energy prices. Prices for finished energy goods fell 6.4 percent in 1997 after advancing 11.7 percent in 1996. The index for finished consumer foods declined 1.0 percent in 1997, following a 3.4- percent rise in 1996. Prices for finished goods other than foods and energy inched up 0.1 percent in 1997 after rising 0.6 percent in 1996. At the earlier stages of processing, prices for intermediate goods moved down 0.8 percent in 1997 after moving up 0.7 percent in 1996. The index for crude materials decreased 11.7 percent in 1997, following an advance of 14.7 percent in the previous year. Finished goods Prices for capital equipment fell 0.2 percent in December after declining 0.1 percent in November. The capital equipment index declined 0.5 percent during 1997 after increasing 0.4 percent in the previous year. In December, price declines for light motor trucks, electronic computers, transformers and power regulators, and railroad equipment outweighed price increases for civilian aircraft, commercial furniture, and heavy motor trucks. The December index for finished consumer goods other than foods and energy fell 0.1 percent following a similar decline in November. From December 1996 to December 1997, this index increased 0.3 percent after rising 0.8 percent in the previous year. In December, price declines for passenger cars, light trucks, household appliances, and cosmetics slightly outweighed price increases for tobacco products, alcoholic beverages, newspaper circulation, and women's apparel. Table B. Monthly and annual percent changes in selected price indexes for intermediate goods and crude goods, seasonally adjusted Interm Crude ediate goods goods Change in Change in intermedi crude ate Exclud goods Excludi goods ing from ng Foods 12 months Energy foods from 12 and ago and months ago Month Foods Energy Energy (unadj.) Foods (unadj Energy (unadj.) .) 1996 Dec. -0.6 2.9 0.1 0.7 -2.7 19.3 0.0 14.7 1997 Jan. -0.5 0.6 0.1 0.9 -1.2 8.9 2.3 16.1 Feb. -0.1 -0.8 0.1 1.1 -1.4 -17.9 1.1 4.5 Mar. 1.8 -3.8 0 0.6 2.0 -21.3 0.3 -2.2 Apr. 0.5 -2.5 0 -0.1 3.1 -0.9 -2.3 -5.7 May 0.5 -1.5 0.1 -0.6 -0.2 5.8 1.3 -4.7 June -1.5 0.5 0 -0.3 -5.6 -2.0 -0.3 -5.5 July -1.6 -0.9 0.1 -0.3 0.5 -0.1 -1.0 -7.4 Aug. -0.2 r1.2 0 r-0.2 r-0.2 r0.8 r1.4 r-7.3 Sept. 1.4 r0.5 0 -0.6 r-0.1 r3.0 r-0.8 r-4.2 Oct. -2.8 0.5 0.1 -0.4 0 10.7 0.3 0.3 Nov. 1.6 0.5 0.1 -0.1 -0.3 5.0 -0.7 -0.9 Dec. -0.9 -1.0 -0.1 -0.8 -0.7 -12.6 -1.5 -11.7 r=revised. Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 1997 have been revised to reflect the availability of late reports and corrections by respondents. -3- The index for finished energy goods fell 0.2 percent in December, following a 0.8-percent decrease in the previous month. The slower rate of decline this month was caused by the indexes for gasoline and residential electric power, both of which fell less in December than in November. By contrast, prices for residential natural gas and home heating oil, which had risen in November, turned down in December. The index for finished consumer foods decreased 0.1 percent in December for the second consecutive month. Prices declines for beef and veal, pork, eggs for fresh use, shortening and cooking oils, and finfish and shellfish slightly outweighed price increases for fresh fruits and melons and dairy products. Intermediate goods The Producer Price Index for Intermediate Materials, Supplies, and Components fell 0.2 percent in December, seasonally adjusted, after rising 0.2 percent a month earlier. The indexes for energy goods, foods and feeds, nondurable manufacturing materials, and construction materials also turned down following an increase in November. Prices for durable manufacturing materials fell more than a month ago. Excluding foods and energy, the intermediate materials index declined 0.1 percent after rising 0.1 percent in the prior month. (See table B.) Prices for intermediate energy goods turned down 1.0 percent, following a 0.5-percent gain in November. From December 1996 to December 1997, this index decreased 7.0 percent after rising 11.2 percent in 1996. December's downturn in prices for intermediate energy goods was led by the index for residual fuel, which turned down 12.4 percent after increasing 6.2 percent in the previous month. Prices for #2 diesel fuel, commercial natural gas, and liquefied petroleum gas also fell after rising a month earlier. The index for industrial electric power showed no change following a 1.7-percent increase in November. On the other hand, prices for commercial electric power turned up 0.7 percent after dropping 0.3 percent in the prior month. Prices for gasoline fell less than a month ago. The index for intermediate foods and feeds decreased 0.9 percent, following a 1.6-percent increase in November. Prices for intermediate foods and feeds turned down 1.8 percent in 1997 after rising 2.1 percent in the previous year. In December, the index for prepared animal feeds fell 0.2 percent after gaining 0.9 percent a month earlier. Prices for confectionery materials and pork also decreased after rising in the previous month. The index for fluid milk products rose less than in the prior month. By contrast, prices for natural, processed, and imitation cheese increased 2.9 percent following a 2.2-percent gain in November. The indexes for beef and veal and refined sugar fell less than a month ago. The index for nondurable manufacturing materials decreased 0.2 percent after rising 0.2 percent in November. This index increased 0.4 percent during 1997 following a 3.3-percent decline in 1996. In December, prices for alkalies and chlorine fell 0.3 percent after increasing 7.7 percent in the previous month. The indexes for paperboard and basic inorganic chemicals rose less than in the prior month. Prices for nitrogenates fell more than a month ago. Conversely, the index for gray fabrics rose 0.3 percent after declining 0.6 percent in November. Prices for plastic resins and materials and for primary basic organic chemicals fell less than in the prior month. Prices for durable manufacturing materials declined 0.7 percent, following a 0.2-percent drop in November. Over the year, this index showed no change after decreasing 1.4 percent in 1996. In December, prices for hot rolled sheet and strip fell 1.3 percent after decreasing 0.1 percent in the prior month. The copper index also declined more than in the previous month. Prices for building paper and plywood turned down after rising in November. By contrast, the index for copper and brass mill shapes fell 0.8 percent following a 2.8-percent decline in the prior month. Prices for silver turned up after falling a month ago. -4- The index for construction materials decreased 0.1 percent after rising 0.2 percent in November. This index advanced 1.3 percent during 1997, following a 1.8-percent increase in 1996. In December, prices for softwood lumber turned down 0.1 percent following a 1.8-percent rise in the previous month. The index for plywood also fell after rising a month ago. Prices for fabricated structural metal products showed no change after increasing in November. On the other hand, the index for millwork turned up 0.1 percent following a 0.2-percent decline in the previous month. Prices for steel wire and for air conditioning and refrigeration equipment also turned up after falling in November. Crude goods The Producer Price Index for Crude Materials for Further Processing declined 5.6 percent in December, seasonally adjusted, following a 1.6- percent advance in November. Prices for crude energy materials fell after rising a month earlier. The indexes for basic industrial materials and crude foodstuffs and feedstuffs decreased more than last month. (See table B.) Prices for crude energy materials dropped 12.6 percent in December, following a 5.0-percent gain a month earlier. From December 1996 to December 1997, this index declined 23.9 percent after advancing 51.2 percent during 1996. In December, the index for natural gas declined 18.7 percent after an 11.0-percent advance in the prior month. Prices for crude petroleum fell more than in the previous month. By contrast, the index for coal rose 2.0 percent following a 0.7-percent decrease last month. The index for crude nonfood materials less energy declined 1.5 percent in December, following a 0.7-percent decline in the prior month. This index increased 0.1 percent during 1997 following a 5.5-percent decrease in the previous year. In December, prices for raw cotton decreased 11.4 percent after a 3.1-percent increase one month ago. The index for iron and steel scrap rose less than one month earlier. Prices for gold ores and copper base scrap fell more than in the previous month. The indexes for cattle hides and softwood logs, bolts, and timber fell after rising in November. By contrast, prices for leaf tobacco rose 8.3 percent following a 2.9-percent decline in the previous month. The indexes for copper ores and wastepaper fell less than last month. Prices for crude foodstuffs and feedstuffs declined 0.7 percent in December, following a 0.3-percent decline in the prior month. During 1997, this index declined 4.2 percent after declining 1.0 percent in the previous year. In December, the index for slaughter hogs decreased 7.8 percent after a 7.4-percent increase a month earlier. Prices for soybeans, slaughter turkeys, and unprocessed shellfish also turned down after rising in November. The index for fluid milk rose less than in the previous month. By contrast, prices for slaughter cattle advanced 1.7 percent after a 3.4-percent decline in the prior month. The indexes for fresh fruits and melons, slaughter broilers and fryers, and unprocessed finfish also turned up after falling a month earlier. Prices for fresh and dry vegetables fell less than one month ago. Net output price indexes for mining, manufacturing, and other industries Mining. The Producer Price Index for the net output of total domestic mining industries fell 9.9 percent in December, following a 3.6-percent advance in November. (Net output price indexes are not seasonally adjusted.) The index for the oil and gas extraction industry group fell 12.6 percent after a 5.3-percent rise in the previous month. Prices for the nonmetalic minerals mining industry group decreased 0.2 percent after increasing 0.4 percent one month ago. By contrast, prices for the coal mining industry group rose 1.3 percent after falling 0.4 percent last month. The index for the metal mining industry group fell 6.0 percent after declining 7.0 percent in the prior month. In December, the Producer Price Index for the net output of total domestic mining industries stood at 82.8 (December 1984=100), 20.5 percent below its year-ago level. -5- Manufacturing. The Producer Price Index for the net output of total domestic manufacturing industries declined 0.4 percent in December, following a 0.2-percent decrease in November. In December, prices for the food and kindred products, petroleum refining, and primary metal industry groups fell more than in the prior month. The indexes for the leather and leather products, nonmetallic mineral products, and electrical and electronic machinery industry groups declined after advancing in the previous month. By contrast, prices for the tobacco manufactures, paper and allied products, and printing and publishing industry groups rose more than in the prior month. Prices for the textile mill products, machinery (except electrical) and miscellaneous manufacturing industries industry groups showed no change after falling. In December, the Producer Price Index for the net output of the total domestic manufacturing sector stood at 127.0 (December 1984=100), 0.8 percent below its year-ago level. Other. Among other industries in December, prices for local trucking without storage, real estate agents and managers, scheduled air transportation, deep sea foreign transportation of freight, airports and airport services, and psychiatric hospitals rose after falling in November. Prices for cable and other pay television services, building cleaning and maintenance services, and legal services rose more than in the previous month. Prices for trucking (except local) and telephone communications fell less than a month ago. Prices for crude petroleum pipelines showed no change after falling. Conversely, the indexes for radio broadcasting and specialty hospitals, except psychiatric, rose less than in the prior month. The indexes for deep sea domestic transportation of freight, travel agencies, hotels and motels, and advertising agencies fell after rising. The indexes for railroads, line-haul operating, help supply services, marine cargo handling, and architectural services showed no change after rising in November. ***** Producer Price Index data for January 1998 will be released on Wednesday, February 18, at 8:30 a.m. (E.S.T.) ***** Information in this news release will be made available to sensory impaired individuals upon request. Voice phone: 202-606-7828; TDD phone: 202-606- 5897; TDD Message Referral phone: 1-800-326-2577. The following is the schedule of 1998 release dates for Producer Price Index data: Reference Month Release Date January 1998 Wednesday, February 18 February Friday, March 13 March Thursday, April 9 April Wednesday, May 13 May Friday, June 12 June Friday, July 10 July Friday, August 14 August Friday, September 11 September Thursday, October 15 October Friday, November 13 November Friday, December 11 December Wednesday, January 13, 1999 -6- PPI Commodity Weight Allocations to Stage-of-Processing Indexes to be Updated Effective with the release of January 1998 data on February 18, 1998, the Bureau of Labor Statistics will update the weight allocations used to calculate the stage-of-processing (SOP) indexes, found in table 1 of the press release and of the PPI Detailed Report, to more accurately reflect recent marketing patterns. While PPI weights will continue to be based on shipment values from the 1992 economic census, the proportion of these weights allocated to the various SOP categories within and, in some cases, across the Finished, Intermediate, and Crude goods stages will change. The new allocations will be based primarily on data contained in the Input/Output Accounts published by the Bureau of Economic Analysis. It is important to note that the allocation update will not change the PPI classification system, reference base, or aggregation structure. It may, however, result in significant shifts in the relative importance of component series in the stage-of-processing indexes. The allocation update will not affect the industry SOP indexes found in tables 10 and 11 of the PPI Detailed Report. Relative importances as of December 1997, based on both the former and revised weight allocations, will be available on February 13, 1998, two working days before release of the January 1998 PPI, on the BLS ftp site at ftp://stats.bls.gov. Choose the "pub" directory, the "special.requests" directory, and the "ppi" directory. The revised SOP relative importances will be in the file, "sopnew.txt". The information may also be requested from the Division of Industrial Prices and Price Indexes, Section of Index Analysis, at 202-606-7705. For further information on this change, please contact Angelo Maggi on (202) 606-7729, or Scott Sager on (202) 606-7700, ext. 211. Table 1. Producer Price Indexes and percent changes by stage of processing (1982=100) ____________________________________________________________________________________________________________________________________ | | |Unadjusted | | | | percent |Seasonally adjusted | Relative | Unadjusted index |change to |percent change from: Grouping |importance| |Dec. 1997 from:| | |_______________________|_______________|_______________________________ | Dec. | | | | | | | | | Aug. |Nov. |Dec. | Dec. | Nov. |Sept.to|Oct. to |Nov. to | 1996 1/|1997 2/|1997 2/|1997 2/| 1996 | 1997 | Oct. | Nov. | Dec. _________________________________________________|__________|_______|_______|_______|_______|_______|_______|_________|____________ | Finished goods...................................| 100.000 131.7 131.8 131.1 -1.2 -0.5 0.1 -0.2 -0.2 Finished consumer goods........................| 76.423 130.3 130.1 129.4 -1.4 -.5 .2 -.2 -.1 Finished consumer foods......................| 23.644 134.9 134.5 134.2 -1.0 -.2 .4 -.1 -.1 Crude......................................| 1.639 117.3 129.4 133.0 -1.3 2.8 9.2 -1.2 3.5 Processed..................................| 22.005 136.1 134.9 134.2 -1.0 -.5 -.3 0 -.3 Finished consumer goods, excluding foods.....| 52.779 128.1 128.1 127.2 -1.5 -.7 .1 -.3 -.1 Nondurable goods less foods................| 36.392 124.8 123.8 122.8 -1.9 -.8 0 -.2 -.1 Durable goods..............................| 16.387 132.3 134.4 133.9 -.8 -.4 .1 -.3 -.2 Capital equipment..............................| 23.577 137.7 138.4 138.0 -.5 -.3 -.1 -.1 -.2 Manufacturing industries.....................| 6.028 137.5 137.9 137.7 .2 -.1 0 0 -.1 Nonmanufacturing industries..................| 17.549 137.7 138.5 138.1 -.6 -.3 -.1 -.1 -.2 | Intermediate materials, supplies, and components.| 100.000 125.8 125.6 125.0 -.8 -.5 -.1 .2 -.2 Materials and components for manufacturing.....| 49.031 128.3 128.4 128.0 -.2 -.3 -.1 .1 -.3 Materials for food manufacturing.............| 3.318 122.9 124.4 123.0 -.6 -1.1 -.5 2.0 -1.0 Materials for nondurable manufacturing.......| 15.610 129.7 130.5 130.3 .4 -.2 0 .2 -.2 Materials for durable manufacturing..........| 10.965 133.2 132.2 131.4 0 -.6 -.4 -.2 -.7 Components for manufacturing.................| 19.138 126.2 126.0 125.9 -.6 -.1 0 0 -.1 Materials and components for construction......| 12.691 147.1 146.6 146.6 1.3 0 -.2 .2 -.1 Processed fuels and lubricants.................| 13.665 90.0 88.2 86.2 -7.0 -2.3 .5 .5 -1.0 Manufacturing industries ....................| 5.415 92.3 91.1 89.2 -6.0 -2.1 .2 1.4 -1.3 Nonmanufacturing industries..................| 8.250 88.5 86.4 84.2 -7.7 -2.5 .6 -.1 -.9 Containers.....................................| 3.527 133.4 137.3 139.6 1.2 1.7 1.0 .4 1.6 Supplies.......................................| 21.086 135.8 136.0 135.9 .3 -.1 -.2 .1 -.1 Manufacturing industries.....................| 7.535 139.5 140.3 140.2 1.0 -.1 .4 .1 0 Nonmanufacturing industries..................| 13.551 133.9 133.8 133.7 -.1 -.1 -.6 .2 -.1 Feeds......................................| 1.607 127.5 123.4 123.0 -4.3 -.3 -7.4 1.0 -.8 Other supplies.............................| 11.944 134.8 135.3 135.2 .5 -.1 .3 .1 0 | Crude materials for further processing...........| 100.000 107.5 113.8 107.4 -11.7 -5.6 4.0 1.6 -5.6 Foodstuffs and feedstuffs......................| 38.004 111.6 110.2 108.8 -4.2 -1.3 0 -.3 -.7 Nonfood materials..............................| 61.996 100.9 112.0 102.5 -16.3 -8.5 6.6 2.9 -8.7 Nonfood materials except fuel 3/.............| 36.095 102.3 101.6 98.4 -9.7 -3.1 2.3 -1.2 -3.5 Manufacturing 3/...........................| 32.588 93.7 93.1 89.8 -10.9 -3.5 2.7 -1.4 -3.8 Construction...............................| 3.507 201.9 199.9 199.6 .6 -.2 -.8 0 0 Crude fuel 4/................................| 25.901 88.9 119.2 99.9 -25.5 -16.2 14.5 9.5 -16.2 Manufacturing industries...................| 5.258 87.3 114.3 97.0 -24.0 -15.1 13.3 8.8 -15.1 Nonmanufacturing industries................| 20.643 90.5 122.1 101.9 -25.9 -16.5 14.9 9.7 -16.5 | Special groupings | | Finished goods, excluding foods..................|5/ 76.356 130.7 130.9 130.2 -1.1 -.5 0 -.2 -.2 Intermediate materials less foods and feeds......|6/ 95.065 125.8 125.6 125.2 -.7 -.3 .1 .1 -.2 Intermediate foods and feeds.....................|6/ 4.935 124.6 124.3 123.3 -1.8 -.8 -2.8 1.6 -.9 Crude materials less agricultural products 3/ 7/.|8/ 59.898 100.4 111.9 102.1 -16.7 -8.8 6.8 3.0 -8.9 | Finished energy goods............................|5/ 14.720 84.2 82.0 80.2 -6.4 -2.2 .1 -.8 -.2 Finished goods less energy.......................|5/ 85.280 139.9 140.6 140.3 -.2 -.2 .1 -.1 -.1 Finished consumer goods less energy..............|5/ 61.703 140.7 141.4 141.1 -.2 -.2 .1 -.1 0 | Finished goods less foods and energy.............|5/ 61.636 141.8 142.9 142.7 .1 -.1 0 -.1 -.1 Finished consumer goods less foods and energy....|5/ 38.059 144.4 145.7 145.6 .3 -.1 .1 -.1 -.1 Consumer nondurable goods less foods and energy..|5/ 21.672 153.3 153.9 154.1 1.2 .1 -.1 .1 .1 | Intermediate energy goods........................|6/ 13.796 89.7 88.0 85.9 -7.0 -2.4 .5 .5 -1.0 Intermediate materials less energy...............|6/ 86.204 133.7 133.8 133.7 .2 -.1 -.1 .1 -.1 Intermediate materials less foods and energy.....|6/ 81.269 134.2 134.4 134.3 .3 -.1 .1 .1 -.1 | Crude energy materials 3/........................|8/ 42.427 79.7 95.4 83.4 -23.9 -12.6 10.7 5.0 -12.6 Crude materials less energy......................|8/ 57.573 123.3 121.4 120.0 -2.8 -1.2 .1 -.4 -1.1 Crude nonfood materials less energy 4/...........|8/ 19.569 157.5 154.1 152.7 .1 -.9 .3 -.7 -1.5 | ____________________________________________________________________________________________________________________________________ 1/ Comprehensive relative importance figures are initially computed 3/ Includes crude petroleum. after the publication of December indexes and are recalculated 4/ Excludes crude petroleum. after final December indexes are available. The first-published 5/ Percent of total finished goods. and final December relative importances initially appear, 6/ Percent of total intermediate materials. respectively, in the release tables containing January and May data. 7/ Formerly titled "Crude materials for 2/ The indexes for Aug. 1997 have been recalculated to incorporate further processing, excluding crude late reports and corrections by respondents. All indexes foodstuffs and feedstuffs, plant and are subject to revision four months after original publication. animal fibers, oilseeds, and leaf tobacco." 8/ Percent of total crude materials. Table 2. Producer Price Indexes and percent changes for selected commodity groupings by stage of processing (1982=100 unless otherwise indicated) ____________________________________________________________________________________________________________________________________ | | |Unadjusted | | | | percent |Seasonally adjusted | | Unadjusted index |change to |percent change from: Commodity | | |Dec. 1997 from:| code | Grouping |_______________________|_______________|________________________ | | | | | | | | | | |Aug. |Nov. |Dec. | Dec. | Nov. |Sept.to|Oct. to|Nov. to | |1997 1/|1997 1/|1997 1/| 1996 | 1997 | Oct. | Nov. | Dec. ___________|_______________________________________________________|_______|_______|_______|_______|_______|_______|_______|________ | | |FINISHED GOODS.........................................| 131.7 131.8 131.1 -1.2 -0.5 0.1 -0.2 -0.2 | FINISHED CONSUMER GOODS...............................| 130.3 130.1 129.4 -1.4 -.5 .2 -.2 -.1 | FINISHED CONSUMER FOODS..............................| 134.9 134.5 134.2 -1.0 -.2 .4 -.1 -.1 | | 01-11 | Fresh fruits and melons 2/..........................| 82.4 87.8 107.3 -9.6 22.2 4.2 -8.6 22.2 01-13 | Fresh and dry vegetables 2/.........................| 131.7 130.0 126.8 21.6 -2.5 16.8 -11.0 -2.5 01-71-07 | Eggs for fresh use (Dec. 1991=100) 2/...............| 88.0 117.7 109.7 -15.6 -6.8 -10.0 30.6 -6.8 02-11 | Bakery products 2/..................................| 174.0 174.6 174.6 .9 0 .1 0 0 02-13 | Milled rice 2/......................................| 125.8 127.2 127.1 .2 -.1 2.1 .4 -.1 02-14-02 | Pasta products (June 1985=100) 2/...................| 123.6 123.6 123.6 -2.6 0 .1 .1 0 02-21-01 | Beef and veal.......................................| 104.5 103.9 101.4 -5.5 -2.4 -1.0 -2.2 -1.5 02-21-04 | Pork................................................| 132.3 111.0 109.8 -13.9 -1.1 -6.4 1.5 -1.9 02-22-03 | Processed young chickens............................| 122.0 115.2 112.9 -10.1 -2.0 -1.3 -.2 -.8 02-22-06 | Processed turkeys 2/................................| 99.7 102.9 99.0 -3.4 -3.8 0 .5 -3.8 02-23 | Finfish and shellfish...............................| 166.8 190.0 182.7 5.2 -3.8 7.4 -1.3 -2.0 02-3 | Dairy products......................................| 126.0 134.1 134.2 4.8 .1 1.7 3.0 .8 02-4 | Processed fruits and vegetables 2/..................| 125.9 124.9 124.7 -2.7 -.2 .2 -.6 -.2 02-55 | Confectionery end products 2/.......................| 168.5 168.4 168.2 .5 -.1 -.2 .3 -.1 02-62 | Soft drinks.........................................| 133.0 132.4 132.3 -1.0 -.1 -.2 0 0 02-63-01 | Roasted coffee 2/...................................| 167.4 152.4 151.2 18.1 -.8 -2.7 -5.1 -.8 02-76 | Shortening and cooking oils 2/......................| 135.8 144.5 136.9 .7 -5.3 4.2 1.5 -5.3 | | | FINISHED CONSUMER GOODS EXCLUDING FOODS..............| 128.1 128.1 127.2 -1.5 -.7 .1 -.3 -.1 | | 02-61 | Alcoholic beverages.................................| 135.8 133.8 134.3 -.7 .4 -.2 -.1 .5 03-81-01 | Women's apparel 2/..................................| 120.7 120.2 120.5 .3 .2 -.9 .8 .2 03-81-02 | Men's and boys' apparel.............................| 133.0 133.0 133.0 .5 0 .2 .2 .2 03-81-03 | Girls', children's, and infants' apparel 2/.........| 122.6 122.5 122.5 -1.1 0 -.4 -.1 0 03-82 | Textile housefurnishings 2/.........................| 122.3 122.7 122.9 -.8 .2 0 .1 .2 04-3 | Footwear............................................| 144.3 144.2 144.2 1.3 0 -.8 -.1 0 05-41 | Residential electric power (Dec. 1990=100)..........| 116.0 110.6 110.3 -.2 -.3 .5 -.7 -.3 05-51 | Residential gas (Dec. 1990=100).....................| 113.4 122.3 119.0 1.4 -2.7 2.9 3.8 -4.7 05-71 | Gasoline............................................| 73.7 68.0 64.7 -14.9 -4.9 -3.6 -3.1 -1.9 05-73-02-01| Fuel oil No. 2......................................| 61.6 66.5 60.8 -21.5 -8.6 2.1 5.4 -5.6 06-35 | Pharmaceutical preps, ethical (Prescription)........| 273.5 276.4 276.9 3.4 .2 .9 .3 -.1 06-36 | Pharmaceutical preps,proprietary (Over-counter).....| 184.3 184.4 185.0 .3 .3 0 -.2 .2 06-71 | Soaps and synthetic detergents 2/...................| 126.3 126.9 126.9 1.1 0 .3 0 0 06-75 | Cosmetics and other toilet preparations 2/..........| 130.3 130.6 130.4 .2 -.2 .2 .2 -.2 07-12 | Tires, tubes, tread, etc 2/.........................| 94.8 94.1 93.9 -3.4 -.2 .2 -1.4 -.2 09-15-01 | Sanitary papers and health products 2/..............| 147.8 145.9 145.7 -2.5 -.1 -.9 -.3 -.1 09-31-01 | Newspaper circulation...............................| 201.9 202.1 202.1 .2 0 -.9 0 .5 09-32-01 | Periodical circulation..............................| 187.7 189.2 188.9 3.7 -.2 -.2 .1 .1 09-33 | Book publishing 2/..................................| 198.2 203.5 203.6 3.2 0 1.1 1.5 0 12-1 | Household furniture 2/..............................| 146.3 146.8 146.8 1.1 0 0 .2 0 12-3 | Floor coverings 2/..................................| 128.5 127.2 127.6 -.2 .3 .4 -.5 .3 12-4 | Household appliances 2/.............................| 109.7 109.3 109.0 -2.6 -.3 -.2 -.1 -.3 12-5 | Home electronic equipment 2/........................| 76.1 76.0 76.0 -2.9 0 -.1 -2.9 0 12-62 | Household glassware 2/..............................| 161.9 162.6 162.4 2.8 -.1 0 .4 -.1 12-64 | Household flatware 2/...............................| 138.4 138.4 139.2 .4 .6 0 0 .6 12-66 | Lawn and garden equip., ex. tractors 2/.............| 132.7 130.4 131.1 -1.5 .5 .1 -.2 .5 14-11-01 | Passenger cars......................................| 130.0 135.7 134.6 -1.7 -.8 .7 -.6 -.4 15-11 | Toys, games, and children's vehicles................| 125.3 125.0 125.0 -.2 0 .3 -.2 .1 15-12 | Sporting and athletic goods 2/......................| 125.3 125.3 125.0 1.7 -.2 0 -.4 -.2 15-2 | Tobacco products 2/.................................| 247.8 256.0 257.9 7.8 .7 0 .1 .7 15-5 | Mobile homes 2/.....................................| 152.7 153.1 152.8 .9 -.2 0 .3 -.2 15-94-02 | Jewelry, platinum, & karat gold 2/..................| 128.6 129.2 128.7 -.6 -.4 .5 -1.8 -.4 15-94-04 | Costume jewelry and novelties 2/....................| 140.9 141.0 140.9 .8 -.1 .1 0 -.1 | | | CAPITAL EQUIPMENT.....................................| 137.7 138.4 138.0 -.5 -.3 -.1 -.1 -.2 | | 11-1 | Agricultural machinery and equipment 2/.............| 149.1 148.4 148.3 .4 -.1 .3 .1 -.1 11-2 | Construction machinery and equipment................| 142.1 142.8 142.8 1.7 0 .6 -.1 0 11-37 | Metal cutting machine tools 2/......................| 157.0 157.7 158.4 2.5 .4 0 .3 .4 11-38 | Metal forming machine tools 2/......................| 154.8 154.8 155.1 2.9 .2 .2 -.4 .2 11-39 | Tools, dies, jigs, fixtures, and ind. molds 2/......| 138.4 138.7 138.3 .7 -.3 .4 0 -.3 11-41 | Pumps, compressors, and equipment...................| 146.8 147.3 147.4 2.1 .1 .2 0 .1 11-44 | Industrial material handling equipment 2/...........| 130.1 130.2 130.2 1.4 0 .2 .1 0 11-51 | Electronic computers (Dec. 1990=100) 2/.............| 31.7 30.3 29.8 -21.4 -1.7 0 -2.6 -1.7 11-62 | Textile machinery 2/................................| 152.4 152.5 152.3 1.9 -.1 -.1 .1 -.1 11-64 | Paper industries machinery (June 1982=100)..........| 157.5 158.0 158.0 2.1 0 .3 0 .1 11-65 | Printing trades machinery 2/........................| 138.7 139.3 139.2 .9 -.1 -.1 .4 -.1 11-74 | Transformers and power regulators 2/................| 129.9 130.7 128.9 -.6 -1.4 -.5 .9 -1.4 11-76 | Communication & related equip. (Dec. 1985=100) 2/...| 114.2 114.7 114.6 .6 -.1 -.1 .4 -.1 11-79-05 | X-ray and electromedical equipment 2/...............| 107.2 106.8 106.8 -1.2 0 -.1 -.3 0 11-91 | Oil field and gas field machinery 2/................| 123.0 124.4 124.4 4.2 0 .7 .6 0 11-92 | Mining machinery and equipment 2/...................| 140.9 141.1 141.6 1.7 .4 .1 0 .4 11-93 | Office and store machines and equipment 2/..........| 112.6 112.6 112.5 .7 -.1 0 0 -.1 12-2 | Commercial furniture 2/.............................| 154.3 155.0 155.1 1.1 .1 -.3 .4 .1 14-11-05 | Light motor trucks..................................| 156.5 159.7 157.4 -3.1 -1.4 -.7 -.8 -1.4 14-11-06 | Heavy motor trucks..................................| 141.6 139.6 139.8 .6 .1 -1.4 .7 .1 14-14 | Truck trailers 2/...................................| 129.7 129.8 130.0 -.2 .2 0 .1 .2 14-21-02 | Civilian aircraft (Dec. 1985=100)...................| 150.2 150.1 150.1 .5 0 -.2 -.2 .3 14-31 | Ships (Dec. 1985=100) 2/............................| 144.8 145.3 145.3 3.0 0 -.2 .6 0 14-4 | Railroad equipment..................................| 133.5 135.6 134.7 -1.2 -.7 .7 .8 -.7 | | |INTERMEDIATE MATERIALS, SUPPLIES, AND COMPONENTS.......| 125.8 125.6 125.0 -.8 -.5 -.1 .2 -.2 | | | INTERMEDIATE FOODS AND FEEDS..........................| 124.6 124.3 123.3 -1.8 -.8 -2.8 1.6 -.9 | | 02-12-03 | Flour 2/............................................| 116.3 115.1 113.3 -8.6 -1.6 -1.9 -.4 -1.6 02-53 | Refined sugar 2/....................................| 123.1 120.2 119.7 -4.4 -.4 -1.7 -1.1 -.4 02-54 | Confectionery materials.............................| 107.8 96.9 92.1 -17.3 -5.0 -10.8 .7 -4.9 02-72 | Crude vegetable oils 2/.............................| 110.6 126.2 126.4 14.8 .2 6.5 5.3 .2 02-9 | Prepared animal feeds 2/............................| 131.7 128.0 127.7 -3.3 -.2 -6.4 .9 -.2 | | | INTERMEDIATE MATERIALS LESS FOODS AND FEEDS...........| 125.8 125.6 125.2 -.7 -.3 .1 .1 -.2 | | 03-1 | Synthetic fibers 2/.................................| 111.0 110.5 110.2 -1.3 -.3 .2 -.1 -.3 03-2 | Processed yarns and threads 2/......................| 113.6 113.6 113.3 -1.1 -.3 .2 -.3 -.3 03-3 | Gray fabrics 2/.....................................| 121.7 121.4 121.8 .2 .3 -.2 -.6 .3 03-4 | Finished fabrics....................................| 123.8 124.0 123.7 .1 -.2 -.2 -.1 .2 03-83-03 | Industrial textile products 2/......................| 127.5 128.0 127.8 .2 -.2 .2 -.1 -.2 04-2 | Leather.............................................| 178.0 184.7 182.9 .2 -1.0 1.3 1.4 -1.1 05-32 | Liquefied petroleum gas 2/..........................| 75.8 85.0 81.9 -28.6 -3.6 5.2 2.5 -3.6 ____________________________________________________________________________________________________________________________________ See footnotes at end of table. Table 2. Producer Price Indexes and percent changes for selected commodity groupings by stage of processing - Continued (1982=100 unless otherwise indicated) ____________________________________________________________________________________________________________________________________ | | |Unadjusted | | | | percent |Seasonally adjusted | | Unadjusted index |change to |percent change from: Commodity | | |Dec. 1997 from:| code | Grouping |_______________________|_______________|________________________ | | | | | | | | | | |Aug. |Nov. |Dec. | Dec. | Nov. |Sept.to|Oct. to|Nov. to | |1997 1/|1997 1/|1997 1/| 1996 | 1997 | Oct. | Nov. | Dec. ___________|_______________________________________________________|_______|_______|_______|_______|_______|_______|_______|________ | | | INTERMEDIATE MATERIALS LESS FOODS AND FEEDS | | -Continued..........................................| 05-42 | Commercial electric power...........................| 138.1 127.3 128.1 0.5 0.6 0.2 -0.3 0.7 05-43 | Industrial electric power...........................| 134.7 127.7 128.5 .6 .6 -.7 1.7 0 05-52 | Commercial natural gas (Dec. 1990=100)..............| 103.7 119.2 116.1 1.0 -2.6 4.2 3.9 -4.2 05-53 | Industrial natural gas (Dec. 1990=100)..............| 100.6 120.7 115.3 2.1 -4.5 7.9 5.0 -6.1 05-54 | Natural gas to electric utilities (Dec. 1990=100)...| 85.9 111.6 107.2 8.5 -3.9 7.6 12.0 -5.2 05-72-03 | Jet fuels...........................................| 59.7 62.7 59.2 -21.1 -5.6 1.7 -.7 -4.1 05-73-03 | No. 2 Diesel fuel...................................| 62.1 66.1 59.0 -22.4 -10.7 2.0 .3 -6.2 05-74 | Residual fuel 2/....................................| 55.4 61.9 54.2 -15.8 -12.4 .5 6.2 -12.4 06-1 | Industrial chemicals 2/.............................| 126.7 127.3 127.0 -.4 -.2 -.1 .1 -.2 06-21 | Prepared paint......................................| 152.4 152.4 152.4 1.5 0 .4 -.2 -.3 06-22 | Paint materials 2/..................................| 142.6 142.4 142.5 2.2 .1 -.1 .1 .1 06-31 | Medicinal and botanical chemicals 2/................| 133.4 134.8 134.8 4.5 0 1.4 -.1 0 06-4 | Fats and oils, inedible 2/..........................| 121.7 143.7 143.1 4.0 -.4 8.1 6.4 -.4 06-51 | Mixed fertilizers...................................| 113.4 113.6 113.3 .2 -.3 .7 .1 .3 06-52-01 | Nitrogenates........................................| 129.5 124.8 119.3 -12.8 -4.4 -3.2 -3.3 -5.4 06-52-02 | Phosphates 2/.......................................| 110.0 111.1 111.2 -.5 .1 -.6 -.1 .1 06-53 | Other agricultural chemicals........................| 148.0 150.1 150.2 2.2 .1 .7 1.7 -.1 06-6 | Plastic resins and materials 2/.....................| 137.4 134.3 133.2 -3.3 -.8 .5 -1.8 -.8 07-11-02 | Synthetic rubber 2/.................................| 118.1 118.4 118.2 -2.5 -.2 -.2 -.1 -.2 07-21 | Plastic construction products 2/....................| 129.2 128.0 128.1 -1.7 .1 -.1 .2 .1 07-22 | Unsupported plastic film, sheet, & other shapes.....| 132.2 131.9 131.7 -1.0 -.2 -.6 -.1 .1 07-26 | Plastic parts and components for manufacturing 2/...| 117.2 117.1 117.1 -.3 0 0 .1 0 08-11 | Softwood lumber 2/..................................| 209.1 196.9 196.7 -2.8 -.1 -4.0 1.8 -.1 08-12 | Hardwood lumber 2/..................................| 175.6 177.8 178.5 7.5 .4 .6 .2 .4 08-2 | Millwork 2/.........................................| 171.4 170.6 170.8 .9 .1 -.2 -.2 .1 08-3 | Plywood 2/..........................................| 161.6 157.9 153.9 -.9 -2.5 -3.9 1.2 -2.5 09-11 | Woodpulp 2/.........................................| 132.7 133.0 133.3 4.0 .2 .2 -.2 .2 09-13 | Paper 2/............................................| 145.2 146.8 147.4 3.7 .4 .3 .6 .4 09-14 | Paperboard..........................................| 143.8 155.8 156.0 5.7 .1 .3 3.2 .2 09-15-03 | Paper boxes and containers 2/.......................| 140.2 146.7 151.8 3.0 3.5 1.7 .4 3.5 09-2 | Building paper and board 2/.........................| 127.0 135.2 134.6 .7 -.4 -1.1 6.4 -.4 09-37 | Commercial printing (June 1982=100) 2/..............| 148.5 151.1 151.1 2.0 0 1.4 .2 0 10-15 | Foundry and forge shop products.....................| 134.1 134.2 134.2 .9 0 .1 .1 0 10-17 | Steel mill products 2/..............................| 116.6 116.9 116.2 .5 -.6 0 0 -.6 10-22 | Primary nonferrous metals 2/........................| 127.6 120.2 116.9 -3.8 -2.7 -3.2 -2.0 -2.7 10-25-01 | Aluminum mill shapes 2/.............................| 148.1 149.5 149.5 6.6 0 -.7 .1 0 10-25-02 | Copper and brass mill shapes 2/.....................| 179.0 169.2 167.8 -5.3 -.8 .1 -2.8 -.8 10-26 | Nonferrous wire and cable 2/........................| 148.4 145.9 144.2 -2.2 -1.2 -.6 -1.0 -1.2 10-3 | Metal containers 2/.................................| 107.8 107.7 107.7 -1.3 0 0 -.1 0 10-4 | Hardware............................................| 145.9 145.9 146.1 1.3 .1 .2 -.3 .1 10-5 | Plumbing fixtures and brass fittings................| 174.9 175.0 174.7 1.9 -.2 .2 .2 .1 10-6 | Heating equipment...................................| 152.8 153.3 153.9 1.3 .4 .1 .5 .5 10-7 | Fabricated structural metal products................| 140.8 141.5 141.3 1.9 -.1 .4 .3 0 10-88 | Fabricated ferrous wire products (June 1982=100) 2/.| 128.6 129.2 129.0 1.6 -.2 .5 -.1 -.2 10-89 | Other misc. metal products 2/.......................| 126.3 126.3 126.3 .2 0 .1 0 0 11-45 | Mechanical power transmission equipment.............| 154.7 155.3 156.0 2.3 .5 .4 .3 .2 11-48 | Air conditioning and refrigeration equipment........| 132.8 132.5 132.7 -.2 .2 -.1 -.5 .4 11-49-02 | Metal valves, ex.fluid power (Dec. 1982=100) 2/.....| 154.2 154.0 154.1 2.1 .1 .2 0 .1 11-49-05 | Ball and roller bearings............................| 163.7 163.3 163.5 2.5 .1 -.9 .6 0 11-71 | Wiring devices......................................| 154.4 154.6 154.7 1.8 .1 0 .1 .1 11-73 | Motors, generators, motor generator sets............| 144.8 144.6 144.2 0 -.3 .5 -.3 -.2 11-75 | Switchgear, switchboard, etc., equipment............| 145.7 147.1 146.9 2.0 -.1 .3 .7 -.3 11-78 | Electronic components and accessories 2/............| 103.0 102.4 102.0 -4.9 -.4 -.2 -.3 -.4 11-94 | Internal combustion engines.........................| 140.2 140.5 140.5 .6 0 .2 .5 0 11-95 | Machine shop products 2/............................| 135.3 135.4 135.3 .4 -.1 0 .1 -.1 13-11 | Flat glass 2/.......................................| 108.5 108.6 108.5 -1.3 -.1 .8 .2 -.1 13-22 | Cement..............................................| 140.9 140.5 140.7 3.5 .1 .4 .5 .8 13-3 | Concrete products...................................| 136.1 136.8 136.8 1.6 0 .4 .1 -.1 13-6 | Asphalt felts and coatings 2/.......................| 100.4 99.2 98.8 -.9 -.4 -.9 -.1 -.4 13-7 | Gypsum products 2/..................................| 168.9 172.8 172.0 7.0 -.5 2.4 -.6 -.5 13-8 | Glass containers 2/.................................| 125.5 125.9 125.9 -1.2 0 0 .2 0 14-12 | Motor vehicle parts 2/..............................| 115.2 114.9 114.9 -1.1 0 .1 0 0 14-23 | Aircraft engines & engine parts (Dec. 1985=100).....| 135.3 133.8 135.3 -.2 1.1 0 -1.1 1.0 14-25 | Aircraft parts & aux.equip.,nec (June 1985=100) 2/..| 141.0 140.1 140.0 .4 -.1 -.1 .1 -.1 15-42 | Photographic supplies 2/............................| 129.9 129.9 130.6 .7 .5 0 0 .5 15-6 | Medical/surgical/personal aid devices...............| 143.2 142.8 142.8 -.1 0 .4 0 -.1 | | | CRUDE MATERIALS FOR FURTHER PROCESSING................| 107.5 113.8 107.4 -11.7 -5.6 4.0 1.6 -5.6 | | | CRUDE FOODSTUFFS AND FEEDSTUFFS......................| 111.6 110.2 108.8 -4.2 -1.3 0 -.3 -.7 | | 01-21 | Wheat 2/............................................| 103.2 101.8 101.1 -11.3 -.7 -2.1 -.4 -.7 01-22-02-05| Corn................................................| 104.4 106.7 107.9 2.2 1.1 4.0 -4.4 -4.2 01-31 | Slaughter cattle....................................| 97.3 98.5 97.4 2.0 -1.1 .3 -3.4 1.7 01-32 | Slaughter hogs......................................| 93.8 74.4 71.5 -21.7 -3.9 -5.5 7.4 -7.8 01-41-02 | Slaughter broilers/fryers...........................| 156.7 122.7 117.3 -25.5 -4.4 -8.4 -5.8 1.8 01-42 | Slaughter turkeys...................................| 121.9 123.2 112.7 -10.5 -8.5 -9.6 7.8 -2.2 01-6 | Fluid milk..........................................| 93.7 103.0 104.7 2.1 1.7 2.4 4.9 4.0 01-83-01-31| Soybeans............................................| 124.5 124.5 117.8 1.8 -5.4 4.1 .9 -7.4 02-52-01-01| Cane sugar,raw 2/...................................| 118.4 116.4 116.5 -1.2 .1 0 -1.6 .1 | | | CRUDE NONFOOD MATERIALS..............................| 100.9 112.0 102.5 -16.3 -8.5 6.6 2.9 -8.7 | | 01-51-01-01| Raw cotton..........................................| 120.5 114.6 107.3 -11.2 -6.4 1.2 3.1 -11.4 01-92-01-01| Leaf tobacco 2/.....................................| 94.1 103.5 112.6 -.5 8.8 4.0 -1.9 8.8 04-11 | Cattle hides 2/.....................................| 186.2 191.1 187.3 -8.8 -2.0 1.5 4.4 -2.0 05-1 | Coal 2/.............................................| 95.4 94.3 96.2 2.7 2.0 -.6 -.7 2.0 05-31 | Natural gas 2/......................................| 87.1 123.2 100.2 -28.8 -18.7 17.5 11.0 -18.7 05-61 | Crude petroleum 2/..................................| 54.9 56.4 50.8 -28.3 -9.9 7.5 -1.6 -9.9 08-5 | Logs, timber, etc. 2/...............................| 214.8 212.0 212.5 1.4 .2 -1.9 .2 .2 09-12 | Wastepaper 2/.......................................| 192.3 165.1 164.7 12.3 -.2 -7.4 -2.9 -.2 10-11 | Iron ore 2/.........................................| 95.2 95.2 (3) (3) (3) 0 0 (3) 10-12 | Iron and steel scrap 2/.............................| 191.7 197.0 197.8 14.9 .4 1.6 2.7 .4 10-21 | Nonferrous metal ores (Dec. 1983=100) 2/............| 83.1 73.4 67.6 -19.4 -7.9 1.6 -9.3 -7.9 10-23-01 | Copper base scrap 2/................................| 156.3 141.9 134.6 -14.8 -5.1 -4.9 -3.0 -5.1 10-23-02 | Aluminum base scrap.................................| 198.1 192.8 191.8 9.7 -.5 5.7 -1.5 -3.6 13-21 | Construction sand, gravel, and crushed stone........| 148.6 148.7 148.9 1.8 .1 .3 -.1 .4 ____________________________________________________________________________________________________________________________________ 1/ The indexes for August 1997 have been recalculated 2/ Not seasonally adjusted. to incorporate late reports and corrections by respondents. 3/ Not available. All indexes are subject to revision four months after original publication. Table 3. Producer Price Indexes for selected commodity groupings (1982=100 unless otherwise indicated) _______________________________________________________________________________________________ | | | | | Unadjusted index 1/ | Commodity| |___________________________________| code | Grouping | Aug. 1997 | Nov. 1997 | Dec. 1997 | _________|________________________________________________|___________|___________|___________| | | | | | | Finished Goods (1967=100)......................| 369.7 | 369.9 | 368.0 | | All commodities................................| 127.2 | 127.8 | 126.7 | | | | | | | | | | | | MAJOR COMMODITY GROUPS | | | | | | | | | | Farm products and processed foods and feeds....| 126.7 | 126.1 | 125.3 | 01 | Farm products................................| 111.4 | 110.6 | 110.1 | 02 | Processed foods and feeds....................| 134.3 | 133.7 | 132.9 | | | | | | | Industrial commodities.........................| 127.3 | 128.2 | 126.9 | 03 | Textile products and apparel.................| 122.6 | 122.5 | 122.5 | 04 | Hides, skins, leather, and related products..| 152.2 | 154.3 | 153.5 | 05 | Fuels and related products and power 2/......| 84.9 | 87.0 | 82.8 | 06 | Chemicals and allied products 2/.............| 143.7 | 143.9 | 143.5 | 07 | Rubber and plastic products..................| 123.4 | 123.2 | 123.1 | 08 | Lumber and wood products.....................| 185.0 | 181.9 | 181.9 | 09 | Pulp, paper, and allied products.............| 167.8 | 170.4 | 171.2 | 10 | Metals and metal products....................| 132.2 | 131.3 | 130.6 | 11 | Machinery and equipment......................| 125.7 | 125.6 | 125.4 | 12 | Furniture and household durables.............| 130.7 | 130.6 | 130.7 | 13 | Nonmetallic mineral products.................| 133.5 | 133.7 | 133.7 | 14 | Transportation equipment.....................| 140.5 | 142.0 | 141.5 | 15 | Miscellaneous products.......................| 151.0 | 152.3 | 152.7 | | | | | | | Industrial commodities less fuels and related | | | | | products and power...........................| 139.1 | 139.4 | 139.3 | | | | | | | | | | | | OTHER COMMODITY GROUPINGS | | | | | | | | | 01-1 | Fruits and melons, fresh and dry vegetables, | | | | | and tree nuts................................| 109.0 | 111.8 | 121.4 | 01-2 | Grains.........................................| 106.3 | 107.1 | 107.4 | 01-3 | Slaughter livestock............................| 97.9 | 93.1 | 91.4 | 01-4 | Slaughter poultry..............................| 147.9 | 122.3 | 115.9 | 01-5 | Plant and animal fibers........................| 121.1 | 115.5 | 108.4 | 01-7 | Chicken eggs...................................| 107.7 | 148.5 | 136.2 | 01-8 | Hay, hayseeds, and oilseeds....................| 145.4 | 146.8 | 140.7 | 01-83 | Oilseeds.......................................| 133.9 | 134.8 | 128.3 | 01-9 | Other farm products............................| 140.3 | 154.3 | 167.9 | 02-1 | Cereal and bakery products.....................| 157.6 | 157.9 | 157.6 | 02-2 | Meats, poultry, and fish.......................| 120.8 | 116.9 | 114.7 | 02-22 | Processed poultry..............................| 119.4 | 115.8 | 114.0 | 02-5 | Sugar and confectionery........................| 138.1 | 135.0 | 133.7 | 02-6 | Beverages and beverage materials...............| 139.4 | 136.8 | 136.9 | 02-63 | Packaged beverage materials....................| 160.0 | 147.6 | 146.6 | 02-7 | Fats and oils..................................| 126.7 | 139.4 | 135.2 | 03-81 | Apparel........................................| 125.9 | 125.7 | 125.9 | 04-4 | Other leather and related products.............| 144.2 | 144.0 | 144.5 | 05-3 | Gas fuels 2/...................................| 83.0 | 111.7 | 94.2 | 05-4 | Electric power.................................| 136.0 | 128.2 | 128.5 | 05-7 | Refined petroleum products.....................| 67.8 | 66.3 | 62.1 | 06-3 | Drugs and pharmaceuticals......................| 219.3 | 220.6 | 220.8 | 06-5 | Agricultural chemicals and products............| 132.0 | 132.1 | 130.9 | 06-7 | Other chemicals and allied products............| 133.5 | 134.1 | 133.8 | 07-1 | Rubber and rubber products.....................| 115.6 | 115.3 | 115.3 | 07-11 | Rubber, except natural rubber..................| 117.5 | 117.8 | 117.6 | 07-13 | Miscellaneous rubber products..................| 138.1 | 138.2 | 138.2 | 07-2 | Plastic products...............................| 130.3 | 130.1 | 130.0 | 08-1 | Lumber.........................................| 196.8 | 189.0 | 189.1 | 09-1 | Pulp, paper, and products, excluding building | | | | | paper and board..............................| 144.8 | 147.7 | 148.9 | 09-15 | Converted paper and paperboard products........| 146.4 | 149.6 | 151.6 | 10-1 | Iron and steel.................................| 126.8 | 127.6 | 127.1 | 10-2 | Nonferrous metals..............................| 137.4 | 132.7 | 130.4 | 10-25 | Nonferrous mill shapes.........................| 145.5 | 144.5 | 144.3 | 11-3 | Metalworking machinery and equipment...........| 145.7 | 145.9 | 145.9 | 11-4 | General purpose machinery and equipment........| 145.3 | 145.5 | 145.6 | 11-6 | Special industry machinery.....................| 157.1 | 157.4 | 157.5 | 11-7 | Electrical machinery and equipment.............| 122.1 | 122.1 | 121.8 | 11-9 | Miscellaneous machinery and equipment..........| 131.1 | 131.3 | 131.3 | 12-6 | Other household durable goods..................| 150.1 | 149.4 | 149.6 | 13-2 | Concrete ingredients...........................| 143.3 | 143.2 | 143.4 | 14-1 | Motor vehicles and equipment...................| 131.0 | 133.5 | 132.6 | 15-1 | Toys, sporting goods, small arms, etc..........| 131.8 | 131.8 | 131.7 | 15-4 | Photographic equipment and supplies............| 118.0 | 118.0 | 118.5 | 15-9 | Other miscellaneous products...................| 133.3 | 133.8 | 133.7 | __________________________________________________________|___________|___________|___________| 1/ Data for August 1997 have been revised to reflect the availability of late reports and corrections by respondents. All data are subject to revision four months after original publication. 2/ Prices of some items in this grouping are lagged 1 month. Table 4. Producer Price Indexes for the net output of major industry groups, not seasonally adjusted ____________________________________________________________________________________________________________________ | | | Index | Percent change Industry | Industry 1/ |Index|_______________________|to_Dec._1997_from:__ code | |base | | | | | | | |Aug. |Nov. |Dec. | Dec. | Nov. | | |1997 2/|1997 2/|1997 2/| 1996 | 1997 __________________|______________________________________________|_____|_______|_______|_______|________|___________ | | | |Total mining industries...................... |12/84| 80.2 91.9 82.8 -20.5 -9.9 10 | Metal mining................................ |12/84| 86.4 78.8 74.1 -15.1 -6.0 12 | Coal mining................................. |12/85| 91.6 91.0 92.2 1.7 1.3 13 | Oil and gas extraction...................... |12/85| 79.7 96.2 84.1 -25.0 -12.6 14 | Mining and quarrying of non-metallic | | | minerals, except fuels..................... |12/84| 129.2 129.9 129.7 2.0 -.2 | | | |Total manufacturing industries............... |12/84| 127.4 127.5 127.0 -.8 -.4 20 | Food and kindred products................... |12/84| 128.6 127.5 127.1 -.9 -.3 21 | Tobacco manufactures........................ |12/84| 209.4 218.9 219.6 9.1 .3 22 | Textile mill products....................... |12/84| 118.8 118.7 118.7 .1 0 23 | Apparel and other finished products made | | | from fabrics and similar materials......... |12/84| 123.5 123.3 123.5 .3 .2 24 | Lumber and wood products, except furniture.. |12/84| 159.6 158.3 158.4 1.6 .1 25 | Furniture and fixtures...................... |12/84| 138.3 138.8 138.8 1.0 0 26 | Paper and allied products................... |12/84| 132.8 135.9 137.2 1.9 1.0 27 | Printing, publishing, and allied industries. |12/84| 168.9 170.6 171.2 2.6 .4 28 | Chemicals and allied products............... |12/84| 147.2 147.3 147.1 .5 -.1 29 | Petroleum refining and related products..... |12/84| 85.3 83.7 79.1 -14.5 -5.5 30 | Rubber and miscellaneous plastic products... |12/84| 123.1 122.8 122.7 -.5 -.1 31 | Leather and leather products................ |12/84| 136.9 137.8 137.6 1.2 -.1 32 | Stone, clay, glass, and concrete products... |12/84| 127.5 127.9 127.8 1.0 -.1 33 | Primary metal industries.................... |12/84| 125.2 124.5 123.8 .7 -.6 34 | Fabricated metal products, except machinery | | | and transportation equipment............... |12/84| 127.9 128.1 128.1 1.2 0 35 | Machinery, except electrical................ |12/84| 118.3 118.1 118.1 -.5 0 36 | Electrical and electronic machinery, | | | equipment, and supplies.................... |12/84| 111.1 111.1 110.8 -1.7 -.3 37 | Transportation equipment.................... |12/84| 132.8 134.7 134.1 -.7 -.4 38 | Measuring and controlling instruments; | | | photographic, medical, optical goods; | | | watches, clocks............................ |12/84| 125.8 125.9 125.9 .6 0 39 | Miscellaneous manufacturing industries...... |12/85| 129.1 129.3 129.3 .8 0 | | | |Services industries | | 40 | Railroad transportation..................... |12/96| 100.7 100.9 100.9 .9 0 42 | Motor freight transportation and warehousing |06/93| 109.3 109.0 109.1 1.8 .1 43 | United states postal service................ |06/89| 132.3 132.3 132.3 0 0 44 | Water transportation........................ |12/92| 104.7 103.2 103.8 -.4 .6 45 | Transportation by air....................... |12/92| 125.4 124.0 124.2 1.2 .2 46 | Pipe lines, except natural gas.............. |12/86| 98.7 98.7 98.7 -2.2 0 80 | Health services............................. |12/94| 106.2 106.2 106.4 1.0 .2 81 | Legal services.............................. |12/96| 102.5 102.9 103.2 3.2 .3 ____________________________________________________________________________________________________________________ 1/ Indexes in this table are derived from the net-output-weighted industry price indexes. Because of differences in coverage and aggregation methodology, they will generally not match the movements of similarly-titled indexes which are derived from traditional commodity groupings. 2/ The indexes for August 1997 have been recalculated to incorporate late reports and corrections by respondents. All indexes are subject to revision four months after original publication. 3/ Not available. Table 5. Producer Price Indexes by stage of processing, seasonally adjusted (1982=100) ________________________________________________________________________________________________________________ | | Index 1/ |________________________________________________________ Grouping | | | | | | | Jul. | Aug. | Sep. | Oct. | Nov. | Dec. | 1997 | 1997 | 1997 | 1997 | 1997 | 1997 _______________________________________________________|_________|________|________|________|________|__________ Finished goods...................................| 131.0 131.4 132.0 132.1 131.9 131.7 Finished consumer goods........................| 129.2 129.7 130.4 130.6 130.3 130.2 Finished consumer foods......................| 133.8 134.1 134.2 134.7 134.6 134.5 Crude......................................| 115.0 115.5 120.1 131.2 129.6 134.2 Processed..................................| 135.2 135.5 135.3 134.9 134.9 134.5 Finished consumer goods, excluding foods.....| 127.0 127.7 128.6 128.7 128.3 128.2 Nondurable goods less foods................| 123.1 123.9 124.8 124.8 124.5 124.4 Durable goods..............................| 132.7 133.0 133.9 134.1 133.7 133.4 Capital equipment..............................| 138.0 138.0 138.4 138.3 138.2 137.9 Manufacturing industries.....................| 137.5 137.7 137.8 137.8 137.8 137.6 Nonmanufacturing industries..................| 138.1 138.1 138.6 138.4 138.2 137.9 | Intermediate materials, supplies, and components.| 125.2 125.4 125.6 125.5 125.7 125.4 Materials and components for manufacturing.....| 128.2 128.3 128.4 128.3 128.4 128.0 Materials for food manufacturing.............| 122.0 122.0 122.7 122.1 124.5 123.3 Materials for nondurable manufacturing.......| 129.4 129.9 130.3 130.3 130.5 130.2 Materials for durable manufacturing..........| 133.3 133.2 133.1 132.6 132.3 131.4 Components for manufacturing.................| 126.4 126.2 126.1 126.1 126.1 126.0 Materials and components for construction......| 147.2 147.2 146.8 146.5 146.8 146.7 Processed fuels and lubricants.................| 86.8 87.8 88.2 88.6 89.0 88.1 Manufacturing industries ....................| 89.1 90.1 91.1 91.3 92.6 91.4 Nonmanufacturing industries..................| 85.4 86.3 86.3 86.8 86.7 85.9 Containers.....................................| 134.1 133.3 135.4 136.7 137.2 139.4 Supplies.......................................| 135.9 135.9 136.2 135.9 136.1 136.0 Manufacturing industries.....................| 139.4 139.5 139.6 140.2 140.3 140.3 Nonmanufacturing industries..................| 134.1 134.0 134.4 133.6 133.9 133.8 Feeds......................................| 128.9 127.8 131.9 122.2 123.4 122.4 Other supplies.............................| 134.8 134.9 134.8 135.2 135.4 135.4 | Crude materials for further processing...........| 106.6 107.2 108.0 112.3 114.1 107.7 Foodstuffs and feedstuffs......................| 110.9 110.7 110.6 110.6 110.3 109.5 Nonfood materials..............................| 99.9 100.9 102.4 109.2 112.4 102.6 Nonfood materials except fuel 2/.............| 101.3 102.3 101.1 103.4 102.2 98.6 Manufacturing 2/...........................| 92.7 93.7 92.5 95.0 93.7 90.1 Construction...............................| 202.3 202.0 201.8 200.2 200.2 200.1 Crude fuel 3/................................| 88.0 88.9 95.1 108.9 119.2 99.9 Manufacturing industries...................| 86.5 87.3 92.8 105.1 114.3 97.0 Nonmanufacturing industries................| 89.5 90.5 96.9 111.3 122.1 101.9 | Special groupings | | Finished goods, excluding foods..................| 130.0 130.5 131.3 131.3 131.0 130.8 Intermediate materials less foods and feeds......| 125.2 125.5 125.6 125.7 125.8 125.6 Intermediate foods and feeds.....................| 124.5 124.2 125.9 122.4 124.4 123.3 Crude materials less agricultural products 2/....| 99.5 100.4 101.9 108.8 112.1 102.1 | Finished energy goods............................| 81.4 82.6 83.6 83.7 83.0 82.8 Finished goods less energy.......................| 139.7 139.9 140.4 140.5 140.4 140.3 Finished consumer goods less energy..............| 140.4 140.6 141.1 141.3 141.2 141.2 | Finished goods less foods and energy.............| 142.0 142.2 142.8 142.8 142.7 142.5 Finished consumer goods less foods and energy....| 144.6 144.8 145.5 145.6 145.5 145.4 Consumer nondurable goods less foods and energy..| 153.2 153.4 154.0 153.9 154.1 154.3 | Intermediate energy goods........................| 86.5 87.5 87.9 88.3 88.7 87.8 Intermediate materials less energy...............| 133.7 133.7 133.8 133.7 133.9 133.7 Intermediate materials less foods and energy.....| 134.3 134.3 134.3 134.4 134.5 134.4 | Crude energy materials 2/........................| 79.1 79.7 82.1 90.9 95.4 83.4 Crude materials less energy......................| 122.2 122.7 122.3 122.4 121.9 120.6 Crude nonfood materials less energy 3/...........| 155.4 157.5 156.3 156.8 155.7 153.3 ______________________________________________________________________________________________________________ 1/ All seasonally adjusted indexes are subject to change up to five years after original publication due to the recalculation of seasonal factors each January. The indexes for August 1997 been recalculated to incorporate late reports and corrections by respondents. 2/ Includes crude petroleum. 3/ Excludes crude petroleum. Technical Notes Brief Explanation of Producer Price Indexes Producer price indexes (PPI) measure average changes in prices received by domestic producers of commodities in all stages of processing. Most of the information used in calculating the indexes is obtained through the systematic sampling of nearly every industry in the manufacturing and mining sectors of the economy. The PPI program also includes some information from other sectors--agriculture, fishing, forestry, services, and gas and electricity. Because producer price indexes are designed to measure only the change in prices received for the output of domestic industries, imports are not included. The sample currently contains about 3,200 commodities and 80,000 quotations per month. There are three primary systems of indexes within the PPI program: (1) Stage of processing indexes; (2) commodity indexes; and (3) indexes for the net output of industries and their products. The stage-of-processing structure (tables 1 and 2) organizes products by class of buyer and degree of processing. The commodity structure (tables 2 and 3) organizes products by similarity of end-use or material composition. The entire output of various industries is sampled to derive price indexes for the net output of industries and their products (table 4). Within the stage-of-processing system, finished goods are commodities that will not undergo further processing and are ready for sale to the final demand user, either an individual consumer or business firm. Consumer foods include unprocessed foods such as eggs and fresh vegetables, as well as processed foods such as bakery products and meats. Other finished consumer goods include durable goods such as automobiles, household furniture, and appliances, and nondurable goods such as apparel and home heating oil. Capital equipment includes producer durable goods such as heavy motor trucks, tractors, and machine tools. The stage-of-processing category for intermediate materials, supplies, and components consists partly of commodities that have been processed but require further processing. Examples of such semifinished goods include flour, cotton yarn, steel mill products, and lumber. The intermediate goods category also encompasses nondurable, physically complete items purchased by business firms as inputs for their operations. Examples include diesel fuel, belts and belting, paper boxes, and fertilizers. Crude materials for further processing are products entering the market for the first time that have not been manufactured or fabricated and that are not sold directly to consumers. Crude foodstuffs and feedstuffs include items such as grains and livestock. Examples of crude nonfood materials include raw cotton, crude petroleum, coal, hides and skins, and iron and steel scrap. Producer price indexes for the net output of industries and their products are grouped according to the Standard Industrial Classification (SIC) and the Census product code extension of the SIC. Industry price indexes are compatible with other economic time series organized by SIC codes, such as data on employment, wages, and productivity. Table 4 lists indexes for the net output of major mining and manufacturing industry groups at the 2-digit level. Producer price indexes are based on selling prices reported by establishments of all sizes selected by probability sampling, with the probability of selection proportionate to size. Individual items and transaction terms from these firms are also chosen by probability proportionate to size. BLS strongly encourages cooperating companies to supply actual transaction prices at the time of shipment to minimize the use of list prices. Prices are normally reported by mail questionnaire for the Tuesday of the week containing the 13th. Price data are provided on a voluntary and confidential basis; no one but sworn BLS employees are allowed access to individual company price reports. All producer price indexes are routinely subject to revision once, 4 months after original publication, to reflect the availability of late reports and corrections by respondents. Net output values of shipments are used as weights for industry indexes. Net output values refer to the value of shipments from establishments in one industry to establishments classified in another industry. However, weights for commodity price indexes are based on gross shipment values, including shipment values between establishments within the same industry. As a result, broad commodity grouping indexes such as the all commodities index are affected by the multiple counting of price change at successive stages of processing, which can lead to exaggerated or misleading signals about inflation. Stage-of- processing indexes partially correct this defect, but industry indexes consistently correct for this at all levels of aggregation. Therefore, industry and stage-of-processing indexes are more appropriate than broad commodity groupings for economic analysis of general price trends. Weights for most traditional commodity groupings of the PPI, as well as all indexes (such as stage-of-processing indexes) calculated from traditional commodity groupings, currently reflect 1987 values of shipments as reported in the Census of Manufactures and other sources. From January 1987 through December 1991, PPI weights were derived from 1982 shipment values. Industry indexes shown in table 4 are also now calculated with 1987 net output weights. Effective with publication of January 1988 data, many important PPI series (including stage-of-processing groupings and most commodity groups and individual items) were placed on a new reference base, 1982=100, to coincide with the reference year of the shipment weights. From 1971 through 1987, the standard reference base for most PPI series was 1967=100. Except for rounding differences, the shift to the new reference base did not alter any changes to previously published percent changes for affected PPI series. (See "Calculating Index Changes," below.) The new reference base is not used for indexes with a base later than December 1981, nor for indexes for the net output of industries and their products. For further information on the underlying concepts and methodology of the Producer Price Index, see chapter 16, "Producer Prices," in BLS Handbook of Methods (September 1992), Bulletin 2414. Reprints are available from the Bureau of Labor Statistics on request. Calculating Index Changes Movements of price indexes from one month to another are usually expressed as percent changes rather than as changes in index points because index point chances are affected by the level of the index in relation to its base period, while percent changes are not. The box shows the computation of index point and percent changes. Percent changes for 3-month and 6-month periods can be expressed as annual rates that are computed according to the standard formula for compound growth rates. These data indicate what the percent change would be if the rate for a given 3- or 6-month span were maintained for a 12-month period. Index Point Change Finished Goods Price Index 107.5 Less previous index 104.0 Equals index point change 3.5 Index Percent Change Index point change 3.5 Divided by the previous index 104.0 Equals 0.034 Result multiplied by 100 0.034 x 100 Equals percent change 3.4 Each index measures price changes from a reference period which equals 100.0 (1982 or some later month). An increase of 5.5 percent from the reference period in the Finished Goods Price Index, for example, is shown as 105.5. This change can also be expressed in dollars as follows: "Prices received by domestic producers of a systematic sample of finished goods have risen from $100 in 1982 to $105.50 to-day." Likewise, a current index of 90.0 would indicate that prices received by producers of finished goods today are 10 percent lower than they were in 1982. Seasonally Adjusted and Unadjusted Data Because price data are used for different purposes by different groups, the Bureau of Labor Statistics publishes seasonally adjusted as well as unadjusted changes each month. Seasonally adjusted data are preferred for analyzing general price trends in the economy because they eliminate the effect of changes that normally occur at about the same time and in about the same magnitude every year-such as price movements resulting from normal weather patterns, regular production and marketing cycles, model changeovers, seasonal discounts, and holidays. For these reasons, seasonally adjusted data more clearly reveal underlying cyclical trends. Unadjusted data are of primary interest to users who need information which can be related to actual dollar values of transactions. Individuals requiring this information include marketing specialists, purchasing agents, budget and cost analysts, contract specialists, and commodity traders. It is the unadjusted data that are generally cited in escalating long-term contracts such as purchasing agreements or real estate leases. (See Escalation and Producer Price Indexes: A Guide for Contracting Parties, BLS Report 807, September 1991, available on request from BLS.) For more information, see "Appendix A: Seasonal Adjustment Methodology at BLS," in the BLS Handbook of Methods (September 1992), Bulletin 2414.