State of the Economy Update: Producer Price Index
The Producer Price Index – a measure of inflation at the producer level – was reported at +0.3% in August. This was above the consensus estimate for an increase of +0.2% and also well above the July reading of +0.0% (June: +0.8%, May: +0.5% Apr: -0.7%, Mar: -0.6%, Feb: +0.7, Jan: +0.2%, Dec: -0.3%, Nov: -0.8%).
The so-called “core rate” (ex-Food & Energy) was unchanged, which was below the consensus estimate of +0.1% and last month’s +0.1% (June: +0.2%, May: +0.1%, Apr: +0.1%, Mar: +0.2%, Feb: +0.2%, Jan: +0.2, Dec: +0.1%, Nov: +0.1%).
The key is this report confirms that inflation remains in check.
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