February 16, 2024 13:58 GMT
Airfares and Vehicle Insurance PPI Below CPI Counterparts
US DATA
Summing up the key components that will feed into PCE estimates:
- Airfares PPI fell -0.5% M/M (vs 2.3% prior), compared to a 1.4% M/M rise in January CPI.
- Vehicle insurance PPI grew at +0.2% M/M as in December, compared to a 1.4% M/M rise in January CPI. Overall insurance PPI fell on the month to -0.4% M/M (vs 0.1% prior).
- Portfolio management, which does not have a CPI counterpart, rose a punchy 5.5% M/M (vs 1.4% in December), in line with the US equity market rally seen through January. This was the highest M/M rise since Jan '21.
- Finally, healthcare services PPI rose 0.9% M/M (vs 0.1% prior), in line with the 0.9% M/M rise in the January professional + hospital services CPI component.
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