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Producer prices for pork, chicken rise in October
Story Date: 11/16/2012
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Source: MEATINGPLACE, 11/15/12
The Producer Price Index for finished consumer foods rose by a seasonally adjusted 0.4 percent in October from September, its fifth consecutive monthly increase, the Bureau of Labor Statistics reported.
Pork prices rose by a seasonally adjusted 8.1 percent between September and October.
During the same period, beef and veal prices declined by a seasonally adjusted 2.5 percent.
On the poultry side, prices for processed young chickens rose 3.8 percent and processed turkey prices fell 0.1 percent.
Overall, the Producer Price Index for finished goods declined 0.2 percent last month, due to lower prices for finished energy goods as well as light trucks and passenger cars.
J.P. Morgan analyst Ken Goldman, analyzing the difference between the higher food PPI in October and a smaller increase in the food-at-home consumer price index for the month, said food retailers’ gross margins continued to deteriorate.
“The decline in gross margin has worsened every month since June 2012, suggesting that retailers continue to sacrifice margin to mitigate traffic losses,” Goldman said.
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