July PPI: What It Means
July's producer price data came in softer than the Street expected on every axis, and the miss cuts against the pipeline-inflation-reaccelerating narrative that has dominated Fed commentary since the spring. Headline PPI for final demand was flat to slightly negative month over month, badly missing the consensus estimate of a 0.2% gain, and cooled to 4.69% year over year against a forecast of 5.0%. Core PPI, which strips out food and energy, eased to 4.16% annually versus the 4.7% consensus, even though its monthly print came in roughly in line at 0.24%.
Key Takeaways Headline PPI fell 0.03% m/m in July (essentially flat), missing the +0.2% consensus, and cooled to 4.69% y/y versus a 5.0% for…
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