. Energy News .

Drought sends US producer prices surging
by Staff Writers
Washington (AFP) Sept 13, 2012

US producer prices jumped 1.7 percent in August, the largest monthly rise in three years, sparked by skyrocketing crop prices due to drought and higher energy costs, fresh data released Thursday showed.

Prices for the crude raw materials used in production jumped 5.8 percent, with much of that coming from a sharp rise in the price of raw food inputs as the worst US drought in decades has savaged key crops like corn and soybeans, Labor Department data showed.

Also behind the crude materials surge was a 6.4 percent rise in energy.

Excluding those two volatile inputs, core producer prices were up only 0.2 percent last month.

Finished goods prices were up 2.0 percent year on year, up from the second quarter but sharply lower than the first quarter and most of 2011.

Analysts said the higher crude goods prices will be spilling into the cost of consumer goods and likely eventually push the key inflation indicator, the consumer price index, higher.

The consumer price index for August will be released on Friday.

The data comes as the Federal Reserve meets to weigh new monetary stimulus for the economy, with most expecting the 12-member policy panel to take fresh action despite worries among some about the potential of more easing to spark inflation.

Related Links
Farming Today - Suppliers and Technology

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries


. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Turf study to monitor runoff, establish fertilizer management practices
College Station TX (SPX) Sep 12, 2012
Improperly applied fertilizer to newly placed sod may result in nutrient runoff into the water supply, but just when is the best time to apply fertilizer and what kind is the best for new turf? Aiming to answer those questions is a team of scientists from Texas A and M AgriLife Research: Dr. Jacqui Aitkenhead-Peterson, assistant professor of urban nutrient and water management; Dr. Ben Whe ... read more

More satellite launches planned for upgrading maritime monitoring

Astrium installs new terminal in Mexico to receive SPOT 6 and SPOT 7 imagery

Suomi NPP Captures Smoke Plume Images from Russian and African Fires

Remote Sensing Satellite Sends First Earth Imagery

Monitech Announces Zero-Installation Tracking System for Automotive Industry

Lockheed Martin and Raytheon Complete First Launch Exercise for Next Generation GPS Satellites

Northrop Grumman to Supply Bridge Navigation Systems for Swire Group's Dry Cargo Ships

Mobile users wary of privacy invasion by apps: survey

Old Deeds, Witness Trees Offer Glimpse of Pre-settlement Forest in West Virginia

Forest mortality and climate change: The big picture

Trouble in paradise: Does nature worship harm the environment?

Salt Seeds Clouds in the Amazon Rainforest

France reconsiders plans to boost biofuel use

World Energy and Hydro Dynamics team up to promote SPR cavitation reactor technology

West Coast distributor expands biodiesel offering

California Clean Fuel Standard Poised to Drive Growth in Biofuels Industry

DuPont Photovoltaic and Distributed Sun Collaborate on High Reliability Solar Modules

China 'deeply regrets' EU solar panel probe

EU hits Chinese solar companies with massive dumping probe

Constellation announces the completion of 16MW solar installation

Report backs greater role for wind energy

More accurate wind energy forecasts

Sufficient wind energy available to meet global demands without damaging climate

Wind could meet many times world's total power demand by 2030

Coal mining jobs slashed in Australia

China mine accident kills 10

Chinese coal mining a risk?

China's Chalco scraps bid for Mongolia coal miner

Chinese man wrongly sent to labour camp: panel

H.K. students protest over 'brainwashing' classes

China villager bombs local government office

China's Wen says property controls still needed: Xinhua

Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement