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PPI Mixed But On Balance More Stubborn Than Expected

US DATA
  • PPI ex food & energy was a tenth stronger than expected in August at 0.4% M/M and after an upward revised 0.3% (0.2% prior), limiting the decline in the Y/Y from 7.6% to 7.3% (cons 7.0%).
  • However, PPI ex food, energy & trade (the strongest category in Aug) was as expected at 0.2% M/M after a downward revised 0.1% in July.
  • The small pick-up from July M/M rates came from services, with an uptrend since May of some concern, but the overall theme remains a partial cooling in PPI inflation, which could start feeding through to CPI, albeit only to rates that remain stronger than pre-pandemic pace.

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