Exceeds consensus at 0.4%. M/M stock at -0.1 against 0.3%.
Figure 1: Year-on-month annualized PPI inflation (black), core PPI (tan) and core goods PPI (green), all in %. Source: BLS and author’s calculations.
Instantaneous inflation (T=12, a=4) exhibits the same downward trend as the core.
Figure 2: Annualized month-on-month PPI inflation (black), base PPI (tan) and instantaneous PPI inflation, T=12, a=4 (sky blue), all in %. Source: BLS and author’s calculations.
To get an idea of what the levels of these indices look like, here is Figure 3.
Figure 3: PPI inflation (blue), core PPI (red), goods PPI (green), core goods PPI (tan) all in logs, 2021M11=0. Source: BLS and author’s calculations.