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Core PPI Misses In November Along With Net Softer Revisions

US DATA

Core PPI inflation rates missed in November but didn’t see the same level of weakness as seen in core goods ex used cars in yesterday’s CPI.

  • PPI ex food & energy - miss with a net downward revision: 0.03% M/M (cons 0.2) in Nov. It follows an almost unrevised -0.01% M/M (initial -0.03%) in Oct but a net downward revision of -0.1% (most of which came far back in July).
  • PPI ex food, energy & trade services – smaller miss with larger net downward revision: 0.10% M/M (cons 0.2) after 0.06% M/M (initial 0.14%) in Oct as part of net downward revision worth -0.2%.
  • It leaves the ex food & energy metric running at 0.9% annualized over three months (softest since Jun’20), and ex food, energy & trade services at 1.85% annualized (softest since June).

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