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美国5月PPI仅增0.1%，商品和服务成本温和增长
Xin Hua Cai Jing·2025-06-12 13:28

Core Insights - The Producer Price Index (PPI) for May in the U.S. showed a year-on-year increase of 2.6%, matching expectations, while the core PPI rose by 3.0%, slightly below the anticipated 3.1% [1] - Month-on-month, the PPI increased by only 0.1%, which was lower than the expected 0.2%, indicating a slowdown in price growth [1] - The report highlights that despite the current high tariff policies not significantly impacting consumers, there may be increased price pressures in the second half of the year as companies seek to maintain profit margins [1] Sector Analysis - Services: The service sector saw a month-on-month increase of 0.1%, primarily driven by a 2.9% rise in trade service margins, although transportation and warehousing services decreased by 0.2% [2] - Goods: Goods prices increased by 0.2% month-on-month, with notable increases in tobacco products (up 0.9%) and gasoline, while jet fuel prices fell by 8.2% [3] - Core PPI: Excluding food and energy, the core PPI rose by 0.1% month-on-month and 2.7% year-on-year, indicating stable underlying inflation trends [4] Intermediate Demand - Processed Goods: There was a month-on-month increase of 0.1% in processed goods, with processed materials (excluding food and energy) rising by 0.4%, while processed energy goods fell by 1.2% [5] - Unprocessed Goods: Unprocessed goods saw a significant month-on-month decline of 1.6%, primarily driven by an 18.7% drop in energy materials like natural gas, alongside a 1.4% decrease in non-food materials [6] Key Price Movements - Price Increases: Key items that saw price increases included tobacco (+0.9%), gasoline, diesel, and primary non-ferrous metals (+4.6%) [8] - Price Decreases: Items that experienced price declines included jet fuel (-8.2%), pork, carbon steel scrap, and natural gas (-18.7%) [9] - Service Sector Prices: In the service sector, air passenger transport prices fell by 1.1%, while furniture retail and securities brokerage services also declined, contrasting with increases in system software publishing [10]