- Previous CPI rates were revised 0.0% to 0.2%.
- IPPI Rates 0.0% vs. 0.2% Expected
- IPPI rates are 2.8% annual.
- Raw Materials Price Index -1.4% vs. -0.7% expected. Previous month -1.5%
- The wholesale price index rose 7.5% year-on-year for the fourth consecutive year. The rule implemented the annual increase level as the wholesale price index fell 5.4% in May. The June 2023 figure showed a 2.0% decrease which came out of the annual increase this year. The price of metal ores, concentrates and scrap fell 5.5% and was the reason for the decline in June 2003, while the price of raw energy fell 9.8% in May 2023
IPPI Pricing Details:
- Meat, fish and dairy prices: +2.4%, the biggest contributor, fourth consecutive rise
- Fresh and frozen beef and veal: +5.6%
- Fresh and frozen pork: +4.6%
- Pulp and paper products prices: +1.7%
- Wood pulp: +2.9%
- Primary non-ferrous metal products prices: -0.4%
- Raw nickel and nickel alloys: -10.3%
- Raw copper and copper alloys: -4.5%
- Energy and petroleum products prices: -0.4%
- Final engine gasoline: -3.5%
- Diesel: +3.3%
Raw Material Price Index Details:
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Crude energy products: -1.2%
- Industrial crude oil: -3.1%
- Conventional crude oil: -0.1%
- Key details: The decline was driven by OPEC+’s announcement to phase out production cuts, followed by a subsequent price rebound due to geopolitical tensions.
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Metal ores, concentrates and scrap: -1.7%
- Nickel ores and concentrates: -10.4%
- Iron ores and concentrates: -9.4%
- Copper ores and concentrates: -7.1%
- Key details: The price decline was influenced by the dynamics of the Chinese market, high inventories at Chinese ports, and weak demand for steel in China.
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Agricultural products: -1.9%
- Canola: -5.6%
- Wheat: -3.5%
- Key Details: Improved North American canola production outlook, pressure to sell harvested wheat in foreign markets.
This article was written by Greg Michalowski on www.forexlive.com.
