Overall prices for chemicals rose 1.8% in January, according to an analysis of data from the U.S. Bureau of Labor Statistics that was included in the American Chemistry Council’s (ACC; Washington, D.C.; www.americanchemistry.com) latest Weekly Chemistry and Economic Report.
The ACC analysis says that the January rise follows a decline in chemical prices for December (by 0.3%) and an uptick in November of 0.9%. Looking at individual sectors, prices for pharmaceuticals were up 2.1% in January. Prices for manmade fibers were up 2.8%, while inorganic chemical prices rose 2.5% and plastic resins rose 0.7%. Specialty chemical prices were up 1.2% in January, while agricultural chemical prices were up by 2.0%, ACC stated.
Citing BLS data, ACC says compared to one year ago, basic chemical prices were up 7.9%, inorganic chemicals were up 5.8% and plastic resins were up 8.6%.
Summarizing the economic data for the week, ACC said the data were “mostly positive” although there was a slight reduction in U.S. industrial production and mixed housing data in the U.S.
Although at this point, inflation in the U.S. at the consumer level “remains tame,” the ACC report says inflation pressures are building in China, Europe and many emerging markets. Also, industrial production gains in overseas markets seem to be moderating, the report adds.