
Industrial Product Price Index
In December, the Industrial Product Price Index (IPPI) declined 1.1% month over month and was up 7.6% year over year. Prices for energy and petroleum products (-9.8%) fell for a second consecutive month in December, leading the monthly decrease in the IPPI. Compared with December 2021, prices were up 31.8%. Lower prices for finished motor gasoline (-14.6%) and diesel fuel (-8.7%) were mainly responsible for the monthly decline in this group. These decreases were partially influenced by lower prices for crude oil, which fell partially on macroeconomic concerns as well as global production slightly in excess of demand. Diesel prices remained relatively higher than gasoline prices, partially due to the effects of the Russian invasion of Ukraine. Russia was a major supplier of diesel to Europe, which increased its imports from other sources.
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