The Journal of Commerce-ECRI Industrial Price Index fell last week for the sixth consecutive week, reaching its lowest point since mid-February and signaling a slowing of industrial production.
The index, compiled by the Economic Cycle Research Institute, is based on prices of a broad assortment of raw materials used in industrial production. Since its creation in the mid-1980s the IPI has been a leading indicator of industrial production and inflation rates.
Last week the index slipped 2.9568 points to 111.8352. The last time it was that low was Feb. 12. The index's growth rate, which compares the latest week's index with its average over the previous 52 weeks, fell for the eighth consecutive week.
The IPI's decline followed the downturn last year in ECRI's Long Leading Index of Industrial Growth, which indicates cyclical peaks and troughs several months before they show up in the Industrial Price Index.
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