Bloomberg was calling for estimates of +1.4% on the headline PPI and was calling for +0.2% on the core PPI reading. Dow Jones had estimates of +1.0% on the headline PPI reading and +0.1%% on the core-PPI reading.
Today’s numbers were a large gain compared to recent reports, but the report was influenced by more than 6% gains in energy prices. Gasoline prices rose in the double-digits and wholesale energy prices rose for the first time since February.
With the recent rise in oil and energy prices, as well as the drought’s impact on food and feedstocks in many parts of the United States, today’s data is just that much more important. It is also some of the last data ahead of today’s FOMC announcement regarding interest rate policy and whether more quantitative easing measures will be announced.
JON C. OGG
Contact [email protected] for any questions or corrections.
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