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Producer Price Growth Slows As Food Prices Tumble

Courtesy of ZeroHedge. View original post here.

Having reached its highest in 6 years in March, Producer Price inflation slowed notably in April for both the headline and core datasets, pushing 10Y Yield back below 3.00%.

Headline PPI printed +3.0% last month and was expected to print +2.8% YoY in April but instead slowed more notably to +2.6% YoY – the lowest rate on inflation since December.

Core PPI also slowed notably from +2.7% YoY in March to +2.3% YoY in April.

Under the covers, it was food prices that weighed heaviest with a 1.1% price drop year-over-year

Services:

A major factor in the April advance in prices for final demand services was the index for machinery, equipment, parts, and supplies wholesaling, which climbed 0.9 percent. The indexes for services related to securities brokerage and dealing (partial), residential real estate loans (partial), airline passenger services, and wireless telecommunication services also moved higher. In contrast, prices for traveler accommodation services fell 3.2 percent. The indexes for health, beauty, and optical goods retailing; legal services; and apparel wholesaling also decreased.   

Goods:

Among prices for final demand goods in April, the index for tobacco products jumped 2.6 percent. The indexes for carbon steel scrap; search, detection, navigation, and guidance systems; pharmaceutical preparations; diesel fuel; and prepared poultry products also increased. Conversely, prices for fresh and dry vegetables fell 17.8 percent. The indexes for chicken eggs, beef and veal, residential electric power, and basic organic chemicals also moved lower.   

And Final Demand – Foods, dropped 0.3% YoY – its first YoY drop since Feb 2017.


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