The producer price index for final demand jumped 0.7% last month, the most since June and bolstered by higher energy costs, according to data out Thursday from the Bureau of Labor Statistics. The PPI climbed 6% from a year earlier.
Excluding the volatile food and energy components, the so-called core PPI advanced 0.5% in January and 5.4% from a year earlier. That said, inflation appears to be stickier than many anticipated. Looking ahead, the strength of the labor market as well as global commodities prices will be key for the overall inflation picture.“While producer prices are off their peaks, inflation is elevated and the monthly change in prices showed a move in the wrong direction last month,” Rubeela Farooqi, chief US economist at High Frequency Economics, said in a note. “These data will keep the Fed on track to raise interest rates further.
The PPI report showed food prices dropped 1%, the most since December 2020, after a 0.9% slide at the end of 2022. Energy prices increased 5%, the most since June. Excluding the food and energy components, final demand for goods advanced 0.6%, the biggest advance since May.“The increase in January’s PPI — which rose far more than the survey estimates, erasing last month’s decline — moderates our expectations for disinflation over the year ahead.
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Positive business confidence surprises in January, but outlook is negativeThe lagged effect of load-shedding is a major concern for the economy and business confidence
مصدر: BDliveSA - 🏆 12. / 63 اقرأ أكثر »
Positive business confidence surprises in January, but outlook is negativeThe lagged effect of load-shedding is a major concern for the economy and business confidence
مصدر: BDliveSA - 🏆 12. / 63 اقرأ أكثر »