Producer prices for final demand in the US slumped 1.3 percent from a month earlier in April of 2020, the largest decline on record and much worse than market forecasts of a 0.5 percent drop. Over 80 percent of the decrease can be traced to a 3.3 percent drop in prices for final demand goods, namely a 56.6 percent plunge in gasoline cost after international crude prices turned negative during the month for the first time in history amid storage concerns. The indexes for jet fuel, diesel fuel, basic organic chemicals, home heating oil, and corn also moved lower. In contrast, prices for beef and veal rose 12.6 percent. The indexes for distilled and bottled liquor (excluding brandy) and for electric power also increased. Prices for final demand services moved down 0.2 percent. Year-on-year, producer prices declined 1.2 percent, the largest decrease since November of 2015.
Producer Prices in the United States averaged 110.39 points from 2009 until 2020, reaching an all time high of 119.40 points in January of 2020 and a record low of 100.20 points in November of 2009. This page provides the latest reported value for - United States Producer Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Producer Prices - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020.
Producer Prices in the United States is expected to be 115.84 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Producer Prices in the United States to stand at 119.57 in 12 months time. In the long-term, the United States Producer Prices is projected to trend around 121.54 points in 2021 and 124.10 points in 2022, according to our econometric models.