January 18, 2023 14:19 GMT
Producer Prices Maintain Softer Pressure
- Industrial product prices fell further in Dec, -1.1% M/M after the -0.5% in Nov, although were heavily weighed by falling oil prices.
- IPPI excluding energy & petroleum products instead edged 0.2% higher after a flat Nov, with no clear recent trend after a weak patch in the summer, most notably the -1.5% in June, before a partial rebound into the fall and then subsequently fading.
- The trend is clearer in Y/Y terms, with that 'core' IPPI inflation stepping down further from 5.8% to 4.9% Y/Y, the softest since Nov’20 having peaked at 14.4% in Jun’21 and still been in double digits as of Apr’22. In doing so it continues to add downside pressures to CPI goods categories in particular.