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PPI Follows CPI With Surprisingly Soft October

US DATA
  • PPI final demand saw a particularly large miss in October at -0.46% M/M (cons 0.1) after a downward revised 0.40% (initial 0.51).
  • Core measures also saw downward revisions, especially in the case of PPI ex food & energy, but the small miss for PPI ex food, energy & trade was offset by prior upward revisions.
  • PPI ex food & energy: -0.03% M/M (cons 0.3) in Oct after 0.19% (initial 0.29) in Sep and 0.25% (initial 0.21) in Aug.
  • PPI ex food, energy & trade: 0.14% M/M (cons 0.2) after 0.26% (initial 0.22) in Sep and 0.24% (initial 0.20) in Aug.

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