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November  2002, Vol. 125, No.11

An empirical analysis of price transmission by stage of processing

Jonathan Weinhagen
Economist,  Division of Producer Price Indexes, Bureau of Labor Statistics. The opinions expressed here are the author’s and do not necessarily reflect those of the Bureau of Labor Statistics.

An empirical examination of causal price relationships from a stage-of-processing approach reveals that changes in the indexes for crude- and intermediate-goods prices often preceded changes in the CPI during the 1970s and 1980s; since the early 1990s, however, the relationship has become more tenuous.

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Consumer Price Index
Producer Price Indexes

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