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US: Annual PPI falls to 10.8% in May vs. 10.9% expected

The annual pace of producer price inflation in the US according to the Producer Price Index (PPI) fell slightly to 10.8% from 10.9% a month earlier, a tad below expectations for it to remain unchanged at 10.9%. MoM, PPI showed prices rising 0.8% in May, in line with expected, but up from 0.4% a month earlier (revised lower from 0.5%). 

The Core PPI showed the annual inflation rate at 8.3%, below the expected 8.6%, while the MoM gain in Core PPI was 0.5%, below the expected 0.6%, but still up from last month's 0.2%. 

Market Reaction

The US dollar has been pulling back a tad in wake of slightly weaker than expected PPI data, recently dipping back below 105.00, but still remains at fairly elevated levels. 

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