The PPI rose 0.1 percent in July vs. a 0.2 percent Bloomberg Econoday expectation. The way the PPI outperformed will please the Fed.
The PPI Report for July was a bit of pleasant news this morning.
PPI Key Points
- The Producer Price Index for final demand increased 0.1 percent in July, seasonally adjusted. Final demand prices rose 0.2 percent in June and were unchanged in May.
- The July rise in the index for final demand can be attributed to prices for final demand goods, which moved up 0.6 percent. The price of food also jumped 0.6 percent.
- The index for final demand services fell 0.2 percent.
- Prices for final demand less foods, energy, and trade services advanced 0.3 percent in July after increasing 0.1 percent in June.
LARGE MOVES JULY 2024 YoY%:
UP:
– Eggs for fresh use +80.4%
– Deposit Services +19.4%
– Portfolio Management +12.5%
– Pork +12.3%
– Arrangement of vehicles rentals, lodging +12.2%DOWN:
– Automobiles retailing -34%
– Grains -27.9%
– Oilseeds -21.7%
– Fresh Dry Vegetables…— Genevieve Roch-Decter, CFA (@GRDecter) August 13, 2024
This isn’t a meme stock, oil or even U.S federal debt, it’s eggs prices up +32% in the last 12 months and +77% since COVID started.
Probably nothing. pic.twitter.com/pVRyfXobWB
— Genevieve Roch-Decter, CFA (@GRDecter) August 13, 2024