The BLS released May ’20 PPI today. The All commodities index increased 1.8% from April – May ’20 & decreased 6.1% between May ’19 – ’20.
Commodities Affected by COVID-19 & the Related Supply/Demand Volatility
Food
Fruits & melons, fresh/dry vegetables & nuts saw a 5.7% decrease between April – May 2020 and a 6.1% decrease between May 2019 – May 2020. Processed foods & feeds increased by 7.1% over the last month and rose 7.4% over the last 12 months. Chicken eggs saw a 41.2% deflation between April – May ’20 and a 54.8% inflation from May 2019 – May 2020. Meats, poultry and fish rose 29.2% over the last month and increased 28.3% between May 2019 – May 2020. Beverages and beverage materials saw no change in the last month & increased 1.6% over the last 12 months. Cereal and bakery products decreased 0.3% over the last month & increased 1.2% over the last 12 months. Processed fruits and vegetables saw an increase of 1.4% between April – May 2020 and increased 1.6% between May 2019 – May 2020. Miscellaneous processed foods decreased 0.9% over the last month and saw an increase of 2.3% between May 2019 – May 2020. Sugar and confectionery saw a 0.3% increase in the last month and an increase of 2% over the last 12 months.
Cleaning & Sanitation Supplies
Polishing & other sanitation goods (includes bleach) decreased 0.6% over the last month and increased 3% from May ’19 – ’20. Other specialty cleaning and sanitation products decreased 2.3% in the last month & increased by 2.1% over the last 12 months. Specialty cleaning and sanitation products decreased 0.8% over the last month & increased 3.1% between May ’19 – ’20. Disinfectants (nonagricultural, industrial & institutional) saw no change in the last month & increased 10.6% over the last 12 months. Sanitary paper products, including stock, increased 0.1% between April – May ’20 and increased 0.6% between May ’19 – ’20.
Drugs, Pharmaceuticals & Personal Protective Equipment
Drugs and pharmaceuticals were unchanged between April – May and increased 2.2% between May ’19 – ’20. Pharmaceutical preparations decreased 0.1% in the last month and rose 2.3% over the last 12 months. Biological products, including diagnostics maintained from last month’s PPI release and increased 1.8% between May ’19 – ’20. Medicinal & botanical chemicals, drugs & other products also saw no change over the last month & increased 2.3% over the last 12 months. All other surgical and medical items (includes gloves and respirators) increased 0.2% between April – May ’20 and increased 4.7% between May ’19 – ’20. Personal safety equipment & clothing (includes masks, gowns & headgear) was unchanged both over the last month & the last year.
Other Price Change Highlights for May 2020
Wastepaper increased 18.3% over the last month and rose 89.5% between May ’19 – ’20. Construction sand, gravel and crushed stone decreased 0.1% in the last month and saw an increase of 5.1% over the last 12 months. Concrete products decreased 0.1% over the last month and increased 3.1% between May ’19 – ’20. Ready-mix concrete rose by 0.4% since over the last month & increased 2.7% between May ’19 – ’20. Refractories saw a 0.3% decrease from April 2020 and a 2.4% rise from May 2019.
BLS PPI Historical Annual Inflation Rate Averages Table for Selected Commodities Through May 2020:
| PPI Code | BLS PPI Category Description | 1 Month May '20 | YTD May '20 | 1 Year May '20 | 3 Year May '20 | 5 Year May '20 | 10 Year May '20 | 20 Year May '20 |
|---|---|---|---|---|---|---|---|---|
| 01 | FARM PRODUCTS | 3.6% | -10.2% | -7.3% | -3.7% | -3.6% | -0.2% | 1.8% |
| 011 | Fruits & melons, fresh/dry vegs. & nuts | -5.1% | -10.9% | -5.6% | -1.3% | 1.1% | -0.5% | 2.5% |
| 012 | Grains | -12.1% | -12.4% | -4.9% | -1.3% | -2.4% | -0.6% | 2.2% |
| 013 | Slaughter livestock | -6.2% | 2.5% | -19.0% | -4.1% | -5.3% | 1.7% | 2.0% |
| 014 | Slaughter poultry | -35.4% | -7.2% | -44.9% | -8.7% | -6.2% | 0.1% | 2.6% |
| 015 | Raw cotton | -14.5% | -11.1% | -32.4% | -10.8% | -2.9% | -1.9% | -0.3% |
| 016 | Raw milk | -4.7% | -33.0% | 5.6% | -5.8% | -3.9% | -1.3% | 0.5% |
| 017 | Chicken eggs | 7.9% | -33.0% | 78.6% | 5.3% | -13.1% | -4.4% | 2.3% |
| 018 | Hay, hayseeds and oilseeds | -1.5% | -5.0% | -3.5% | -2.1% | -2.0% | 0.0% | 2.3% |
| 02 | PROCESSED FOODS AND FEEDS | 0.3% | 6.8% | 0.7% | 2.9% | 1.4% | 2.3% | 2.6% |
| 021 | Cereal and bakery products | 0.3% | 0.3% | 1.3% | 1.7% | 0.8% | 1.7% | 2.5% |
| 022 | Meats, poultry, and fish | 3.3% | 29.7% | 0.5% | 7.9% | 3.5% | 4.6% | 3.4% |
| 023 | Dairy products | -4.5% | -10.2% | -2.5% | -1.1% | -0.6% | 1.1% | 1.7% |
| 024 | Processed fruits and vegetables | 0.1% | 2.4% | 0.1% | 1.7% | 1.4% | 1.8% | 2.5% |
| 025 | Sugar and confectionery | -0.8% | -0.9% | 1.8% | 1.4% | 0.6% | 1.2% | 2.7% |
| 026 | Beverages and beverage materials | 0.3% | 1.4% | 1.6% | 1.7% | 1.3% | 1.5% | 2.0% |
| 027 | Fats and oils | 0.3% | -0.4% | -1.3% | -2.6% | -1.0% | 0.2% | 3.6% |
| 028 | Miscellaneous processed foods | -0.3% | 1.5% | 1.4% | 1.8% | 0.9% | 1.5% | 2.1% |
| 029 | Prepared animal feeds | 0.8% | 2.1% | 1.7% | 1.3% | 0.2% | 1.5% | 3.1% |
| 03 | TEXTILE PRODUCTS AND APPAREL | -0.1% | -0.7% | -1.1% | 0.9% | 0.7% | 1.3% | 1.0% |
| 031 | Synthetic fibers | -0.4% | -2.5% | -3.0% | 1.5% | 1.0% | 1.0% | 0.8% |
| 032 | Processed yarns and threads | -1.0% | -1.6% | -2.5% | -0.2% | 0.0% | 0.7% | 1.2% |
| 033 | Greige fabrics | 0.2% | -0.8% | -1.8% | 0.1% | -0.3% | 0.8% | 1.1% |
| 034 | Finished fabrics | -0.1% | -0.1% | -0.2% | 1.4% | 1.0% | 1.7% | 1.4% |
| 038 | Apparel & other fabricated textile prods | 0.4% | 0.1% | 1.0% | 1.2% | 1.0% | 1.7% | 1.0% |
| 039 | Miscellaneous textile products/services | -0.2% | -1.2% | -8.3% | -3.5% | -2.0% | -0.5% | 0.6% |
| 04 | HIDES, SKINS, LEATHER, AND RELATED PRODUCTS | -3.3% | -11.2% | -11.6% | -9.6% | -7.7% | -1.8% | -0.1% |
| 041 | Hides and skins, incl. cattle | -11.6% | -36.9% | -34.9% | -29.4% | -22.7% | -9.5% | -3.7% |
| 042 | Leather | -5.4% | -16.5% | -16.3% | -13.7% | -11.5% | -3.9% | -0.9% |
| 043 | Footwear | 0.0% | -0.1% | 0.1% | 1.5% | 1.6% | 2.7% | 1.9% |
| 044 | Other leather and related products | -0.2% | 0.7% | 0.4% | 1.4% | 1.2% | 2.0% | 1.5% |
| 05 | FUELS AND RELATED PRODUCTS AND POWER | -18.0% | -24.9% | -33.6% | -7.7% | -5.9% | -3.7% | 1.3% |
| 051 | Coal | -0.3% | -3.3% | -6.2% | -0.3% | -0.5% | 0.5% | 3.9% |
| 053 | Gas fuels | -21.6% | -23.7% | -50.6% | -18.5% | -9.0% | -11.2% | -2.3% |
| 055 | Utility natural gas | -2.7% | -6.8% | -9.7% | -3.6% | -0.9% | -1.9% | 1.9% |
| 056 | Crude petroleum (domestic production) | -48.9% | -61.2% | -75.6% | -19.1% | -17.6% | -11.9% | -1.3% |
| 057 | Petroleum products, refined | -39.3% | -45.8% | -55.7% | -14.0% | -12.1% | -7.2% | 0.8% |
| 058 | Asphalt and other petroleum and coal products, n.e.c. | -5.5% | -9.2% | -28.2% | 1.7% | -5.3% | 0.7% | 5.0% |
| 06 | CHEMICALS AND ALLIED PRODUCTS | -3.8% | -5.2% | -5.4% | -1.6% | 0.4% | 0.9% | 2.9% |
| 061 | Industrial chemicals | -11.1% | -16.4% | -17.2% | -7.6% | -3.1% | -2.9% | 2.3% |
| 062 | Paints and allied products | 0.2% | 0.4% | 2.9% | 3.4% | 1.9% | 2.4% | 3.2% |
| 063 | Drugs and pharmaceuticals | 0.0% | 2.2% | 2.0% | 3.4% | 4.6% | 5.0% | 4.5% |
| 064 | Fats and oils, inedible | -4.2% | -6.1% | -0.7% | -6.0% | -3.3% | -2.1% | 4.9% |
| 065 | Agricultural chemicals and chemical products | -1.2% | -1.2% | -10.6% | -0.6% | -2.7% | 0.5% | 2.5% |
| 066 | Plastic resins and materials | -4.8% | -8.1% | -3.7% | -5.7% | -2.8% | -0.3% | 1.5% |
| 067 | Other chemicals and allied products | 0.0% | -0.3% | 0.5% | 1.2% | 1.2% | 1.7% | 2.1% |
| 07 | RUBBER AND PLASTIC PRODUCTS | 0.0% | -0.3% | -0.7% | 0.8% | 0.7% | 1.4% | 2.3% |
| 071 | Rubber and rubber products | -0.3% | -0.2% | -0.8% | 0.0% | 0.5% | 1.1% | 2.2% |
| 072 | Plastic products | 0.1% | -0.3% | -0.7% | 1.0% | 0.8% | 1.5% | 2.3% |
| 08 | LUMBER AND WOOD PRODUCTS | -1.9% | 0.7% | -1.2% | 1.0% | 1.3% | 2.1% | 1.4% |
| 081 | Lumber | -7.9% | 0.3% | -5.1% | -1.5% | 1.2% | 2.1% | 0.8% |
| 082 | Millwork | 0.3% | 1.7% | 1.6% | 2.7% | 2.5% | 2.7% | 2.1% |
| 083 | Plywood | 1.4% | 1.1% | -4.2% | -1.1% | -0.6% | 1.3% | 1.1% |
| 084 | Other wood products | -0.1% | -0.3% | 0.3% | 3.3% | 1.6% | 2.3% | 1.5% |
| 085 | Logs, bolts, timber, pulpwood, woodchips and other roundwood products | 0.3% | -0.8% | -1.2% | 0.2% | -0.6% | 0.8% | 0.8% |
| 086 | Prefabricated wood buildings & components | 0.4% | 0.6% | 2.0% | 3.0% | 2.5% | 2.3% | 2.3% |
| 087 | Treated wood and contract wood preserving | -0.5% | 2.5% | 0.8% | 2.3% | 1.3% | 2.0% | 1.7% |
| 09 | PULP,PAPER, AND ALLIED PRODUCTS | 0.7% | 1.0% | -0.8% | 0.7% | 0.8% | 1.1% | 1.7% |
| 091 | Pulp, paper, and prod., ex. bldg. paper | 1.1% | 1.1% | -1.9% | 0.5% | 0.6% | 1.1% | 1.6% |
| 092 | Building paper & building board mill prods. | -5.1% | 1.7% | 4.1% | -2.4% | 2.7% | 2.4% | 1.8% |
| 094 | Publications, printed matter & printing material | 0.3% | 0.6% | 1.9% | 1.8% | 1.2% | 1.0% | |
| 10 | METALS AND METAL PRODUCTS | -1.7% | -1.0% | -4.4% | 1.2% | 1.0% | 0.5% | 2.6% |
| 101 | Iron and steel | -3.6% | -0.8% | -12.6% | -1.4% | 0.6% | -0.8% | 2.8% |
| 102 | Nonferrous metals | -2.5% | -3.4% | -1.2% | 1.8% | 0.7% | 0.3% | 3.2% |
| 103 | Metal containers | -0.3% | 0.2% | -0.7% | 2.9% | 1.4% | 0.2% | 2.2% |
| 104 | Hardware | 0.0% | 1.1% | 1.6% | 2.0% | 1.7% | 1.7% | 2.1% |
| 105 | Plumbing fixtures and fittings | -0.1% | 1.3% | 2.1% | 3.0% | 2.3% | 2.3% | 2.4% |
| 106 | Heating equipment | 0.9% | -0.2% | 2.2% | 3.4% | 2.8% | 2.6% | 3.0% |
| 107 | Fabricated structural metal products | 0.0% | 0.5% | -0.8% | 3.0% | 2.0% | 1.9% | 2.5% |
| 108 | Miscellaneous metal products | 0.1% | 0.2% | -0.5% | 2.3% | 1.1% | 1.1% | 1.7% |
| 11 | MACHINERY AND EQUIPMENT | -0.1% | 0.6% | 1.0% | 1.6% | 1.1% | 1.0% | 0.8% |
| 111 | Agricultural machinery and equipment | 0.0% | 0.6% | 2.4% | 2.3% | 1.8% | 1.8% | 2.3% |
| 112 | Construction machinery and equipment | 0.0% | 1.2% | 2.1% | 2.3% | 1.8% | 2.2% | 2.4% |
| 113 | Metalworking machinery and equipment | 0.1% | 0.3% | 0.6% | 1.7% | 1.3% | 1.5% | 1.4% |
| 114 | General purpose machinery and equipment | 0.3% | 0.9% | 1.5% | 2.8% | 2.1% | 2.3% | 2.6% |
| 115 | Electronic computers and computer equipment | 0.0% | -1.5% | -4.5% | -2.5% | -2.5% | -3.5% | -5.9% |
| 116 | Special industry machinery and equipment | 0.1% | 0.4% | 2.0% | 1.6% | 1.4% | 1.3% | 1.4% |
| 117 | Electrical machinery and equipment | -0.4% | 0.4% | 0.6% | 1.0% | 0.6% | 0.3% | -0.1% |
| 118 | Miscellaneous instruments | -0.1% | 1.0% | 1.3% | 1.8% | 1.7% | 1.7% | 1.7% |
| 119 | Miscellaneous machinery | 0.1% | 0.5% | 1.0% | 1.6% | 0.8% | 0.9% | 1.7% |
| 12 | FURNITURE AND HOUSEHOLD DURABLES | -0.1% | 0.5% | 1.8% | 2.3% | 1.6% | 1.6% | 1.5% |
| 121 | Household furniture | 0.3% | 0.0% | 1.5% | 2.3% | 1.8% | 1.8% | 1.9% |
| 122 | Commercial furniture | -0.6% | 1.1% | 3.8% | 3.2% | 2.3% | 2.0% | 2.1% |
| 123 | Floor coverings | 0.0% | -0.4% | -0.2% | 2.0% | 1.1% | 1.4% | 2.1% |
| 124 | Household appliances | 0.6% | 0.6% | 0.7% | 2.2% | 1.3% | 1.4% | 0.7% |
| 125 | Home electronic equipment | -0.2% | 0.4% | 2.3% | 0.6% | 0.5% | 0.0% | -1.5% |
| 126 | Other household durable goods | -0.1% | 0.6% | 0.8% | 1.2% | 1.1% | 1.1% | 1.3% |
| 13 | NONMETALIC MINERAL PRODUCTS | -0.3% | 1.6% | 1.9% | 2.6% | 2.4% | 2.5% | 3.0% |
| 131 | Glass | 0.1% | 1.0% | 1.3% | 2.0% | 2.6% | 2.0% | 1.1% |
| 132 | Concrete ingredients and related products | 1.0% | 2.9% | 4.1% | 3.3% | 3.8% | 3.2% | 3.7% |
| 133 | Concrete products | 0.5% | 2.6% | 3.5% | 3.3% | 3.1% | 2.8% | 3.3% |
| 134 | Clay construction products ex. refractories | 0.3% | 0.7% | 1.4% | 1.3% | 1.0% | 0.7% | 1.1% |
| 135 | Refractories | 0.5% | 1.5% | 3.3% | 3.9% | 2.7% | 2.4% | 3.5% |
| 136 | Asphalt felts and coatings | -0.8% | -0.8% | 1.4% | 3.7% | 1.4% | 1.1% | 4.3% |
| 137 | Gypsum products | -1.2% | 0.3% | -2.2% | -0.4% | 1.6% | 4.7% | 2.0% |
| 138 | Glass containers | 0.0% | 1.9% | 3.0% | 2.2% | 1.5% | 1.7% | 2.6% |
| 139 | Other nonmetallic minerals | -2.0% | 0.7% | -0.5% | 1.9% | 0.8% | 1.9% | 3.0% |
| 14 | TRANSPORTATION EQUIPMENT | -0.3% | -0.1% | 0.2% | 0.9% | 0.8% | 1.2% | 1.2% |
| 141 | Motor vehicles and equipment | -0.6% | -0.5% | -0.4% | 0.7% | 0.6% | 1.0% | 0.7% |
| 142 | Aircraft and aircraft equipment | 0.2% | 0.9% | 1.3% | 1.4% | 1.2% | 1.6% | 2.4% |
| 143 | Ships and boats | 0.0% | 0.3% | 2.7% | 1.8% | 1.5% | 1.6% | 2.5% |
| 144 | Railroad equipment | 0.0% | 0.2% | -1.5% | 0.2% | 0.6% | 1.0% | 2.1% |
| 149 | Transportation equipment, n.e.c. | 0.0% | -0.1% | 1.0% | 1.4% | 1.7% | 1.1% | 1.3% |
| 15 | MISCELLANEOUS PRODUCTS | 0.0% | 1.0% | 2.6% | 2.9% | 2.6% | 2.5% | 2.5% |
| 151 | Toys, sporting goods, small arms, etc. | 0.0% | -0.1% | 2.1% | 1.6% | 1.1% | 1.1% | 1.2% |
| 152 | Tobacco products, incl. stemmed & redried | 0.1% | 1.8% | 4.9% | 5.6% | 5.7% | 5.4% | 4.4% |
| 153 | Notions | 0.5% | 0.3% | 1.2% | 0.6% | 1.4% | 2.0% | 2.6% |
| 154 | Photographic equipment and supplies | 2.1% | -0.4% | 1.0% | 2.3% | 1.7% | 2.3% | 1.2% |
| 155 | Mobile homes | 0.0% | 1.4% | 10.7% | 5.4% | 4.2% | 3.9% | 3.7% |
| 156 | Medical, surgical & personal aid devices | 0.3% | 1.3% | 1.9% | 1.4% | 1.1% | 1.1% | 1.2% |
| 157 | Other industrial safety equipment | -0.1% | 1.1% | 1.4% | 0.4% | 0.9% | 1.2% | 1.5% |
| 159 | Other miscellaneous products | -0.8% | 0.1% | 1.0% | 2.9% | 2.2% | 1.7% | 1.8% |
CPI vs. PPI Supermarket Inflation Comparison Through May 2020:
| Inflation Rate Period | PPI Inflation | CPI Inflation | DIFF: PPI vs. CPI |
|---|---|---|---|
| 5 Months Ended May '20 | 1.62% | 2.69% | -1.07% |
| 4 Months Ended April '20 | -0.33% | 2.41% | -2.74% |
| 3 Months Ended March '20 | 0.04% | 0.87% | -0.83% |
| 2 Months Ended February '20 | -0.10% | 0.63% | -0.73% |
| 1 Month Ended January '20 | 0.45% | 0.27% | 0.18% |
| 12 Months Ended December '19 | 1.29% | 0.85% | 0.44% |
| 12 Months Ended December '18 | 2.85% | 0.41% | 2.44% |
| 12 Months Ended December '17 | 2.85% | 0.47% | 2.39% |
| 12 Months Ended December '16 | 1.32% | 0.10% | 1.22% |
| 12 Months Ended December '15 | 0.19% | 0.11% | 0.08% |
| 12 Months Ended December '14 | 5.07% | 2.46% | 2.61% |
| 12 Months Ended December '13 | 2.04% | 0.14% | 1.90% |
| 12 Months Ended December '12 | 2.72% | 1.00% | 1.71% |
| 12 Months Ended December '11 | 5.20% | 4.07% | 1.13% |
| 12 Months Ended December '10 | 2.92% | 0.90% | 2.03% |
| 3 Year Average Ended Dec. '19 | 2.33% | 0.57% | 1.76% |
| 5 Year Average Ended Dec. '19 | 1.70% | 0.39% | 1.31% |
| 10 Year Average Ended Dec. '19 | 2.65% | 1.05% | 1.60% |