Wed, 10/14/2020 – 08:39
PPI Final Demand rose 0.4% MoM (double the +0.2% exp) sending PPI up 0.4% YoY (against expectations of a 0.2% rise) – the first inflationary print since March…
That is the highest PPI YoY since February (pre-COVID).
While Energy costs are lower (-0.3% MoM, -11.4% YoY), Food costs are the biggest incremental driver of the hotter than expected inflationary print, rising 1.2% MoM (+13.3% YoY).
Certainly nothing here to stall The Fed’s ongoing inflationary pressure.
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Author: Tyler Durden