US PPI y/y
- Prior was +0.8% y/y
- PPI final demand m/m +0.7% vs +0.4% y/y expected
- Prior was +0.3% m/m (revised to 0.0%)
Ex food and energy:
- +2.2% y/y vs +2.2% expected (prior +2.4%)
- +0.2% m/m vs +0.2% expected (prior +0.3%)
- Goods ex food and energy +0.1% vs 0.0% m/m prior
Breakdown:
- Goods +2.0% vs +0.1% m/m prior
- Services +0.2% vs +0.5% m/m prior
- Foods -0.5% vs +0.5% m/m prior
Energy goods rose 10.5% and that made up 60% of the rise in the PPI in the month. There is much to unpack here but if you strip out energy, there aren’t many pressures in the pipeline. But can you really strip out energy?