Base PPI Monthly at 0%

Below consensus by 0.4%. Heading M/M at -0.1 vs. 0.3%.

Picture 1: Annual inflation PPI by month (black), core PPI (brown), and core PPI commodities (green), all in %. Source: BLS and author’s calculations.

Instantaneous inflation (T = 12, a = 4) shows the same downward trend as the core inflation.

Figure 2: Annual PPI inflation by month (black), core PPI (yellow-brown) and instantaneous PPI inflation, T = 12, a = 4 (sky blue), all in %. Source: BLS and author’s calculations.

To get an idea of ​​what the levels of these indexes look like, look at Figure 3.

Figure 3: PPI inflation (blue), core PPI (red), commodity PPI (green), commodity core PPI (yellow-brown) all in logs, 2021M11=0. Source: BLS and author’s calculations.