Business Services Industry
Expert: Producer Price Index/Consumer Price Index Differential Indicates Serious Inflation Problem.
AScribe Business & Economics News Service, March, 2005
Byline: Duke University
DURHAM, N.C., March 23 (AScribe Newswire) -- Today's Consumer Price Index increase of 0.4 percent and yesterday's Producer Price Index increase of 0.4 percent may point to future economic problems, according to Duke University professor Campbell R. Harvey.
"I believe we have a more serious inflation problem than is widely acknowledged in the market," says Harvey.
The Producer Price Index (PPI), an indicator of wholesale prices, has been running above the Consumer Price Index (CPI) since March 2003.
"This is ominous," Harvey said. "On a year-over-year basis, the PPI exceeded the CPI in 2000, 1989, 1978 and the last half of 1972. When this happened over a sustained period, a recession has followed."
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