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Core PPI Goods Prices Heat Up


Within that PPI upside surprise (BLS release here): fastest increase in final demand goods ex-food and energy PPI (+1.1% M/M) since May 2021 (and up from +0.8% in both Jan and Feb).

  • Final demand services +0.9%, up from +0.3% in Feb and the 4th month in 5 of +0.9-1.0% readings.
  • Biggest contributors to services were rising "margins for fuels and lubricants retailing" though also reflects higher trucking, airline passenger tickets / traveler accommodation costs etc.
  • While these reflect pipeline price pressures, the March CPI headline measure's upside surprise blunted the impact of the PPI headline surprise / mixed core prices and telegraphed the strong rise in some prices (incl airfares), so a fairly limited market reaction.

Source: BLS, MNI

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