PPI mm
- Prior was +3.3%
- PPI m/m +0.4% vs +0.3% expected (prior +0.2%, revised to +0.5%)
- PPI ex food and energy +3.6% y/y vs +3.3% expected (3.5% prior)
- PPI ex food and energy +0.3% m/m vs +0.3% expected (+0.0% prior, revised to +0.4%)
- Ex food, energy and trade +3.4% y/y vs +3.3% prior
There were some big upward revisions to the December numbers but it doesn't really matter. The headline numbers are +0.5% and +0.4% back-to-back which is an unpleasant acceleration.
The market is taking this one in stride as a hot CPI often signals a hot PPI, so it's not a huge surprise.
