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William D. Thomas and Scott Sager
P rices received by domestic producers of finished goods rose 1.7 percent between December 1993 and December 1994, following increases of 0.2 percent in 1993 and 1.6 percent in 1992. The index for energy goods turned up 3.5 percent in 1994 after declining in each of the previous 3 years, while prices for foods advanced 1.1 percent following somewhat larger increases in both 1993 (2.4 percent) and 1992 (1.6 percent). Price increases for finished goods other than foods and energy accelerated to 1.6 percent in 1994 from 0.4 percent in 1993; these prices had risen 2 percent in 1992.
Developments at earlier stages of processing were mixed. The Intermediate Goods price index advanced 4.4 percent in 1994 after increasing 1 percent in each of the preceding 2 years. In contrast, the Crude Goods price index declined 0.5 percent last year after rising by 0.1 in 1993 and 3.3 percent in 1992. At both the intermediate and crude stages of processing, prices for food-related materials turned down in 1994 after advancing a year earlier, while price increases for nonfood nonenergy goods slowed significantly. Prices for energy goods rose at the intermediate stage after falling a year earlier, but declined much less at the critical stage, following a steep decline in 1993. (See table 1.)
This excerpt is from an article published in the June 1995 issue of the Monthly Labor Review. The full text of the article is available in Adobe Acrobat's Portable Document Format (PDF). See How to view a PDF file for more information.
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