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Softest Monthly 'Core' PPI Inflation Since Nov’20

US DATA
  • PPI ex food & energy of 0.13% M/M is softest M/M since Nov’20. It follows a solidly downward revised 0.22% in Dec (0.38 prior) although partly offset by small upward revisions in Sep and Oct.
  • PPI ex food, energy & services eases from 0.28% to 0.09% M/M in Dec, also softest since Nov’20.
  • They both track the recent moderation in CPI core goods ex used vehicles rather than suggest any further notable moderation - see chart.
  • Neither show signs of the recent uptick in ex-petroleum import prices.

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