US: Expect a steady increase in core PPI for March - Nomura
|Analysts at Nomura offer a brief preview on what to expect from today’s US Producer Price Index (PPI) slated for release at 1230 GMT.
Key Quotes:
“The March ISM manufacturing report indicated rising input prices amid heightened concern over the recent tariffs on steel and aluminum. The prices paid index, which often correlates with the PPI for intermediate goods, surged to the highest level since April 2011. Continued increases in input costs could exert upward pressure on PPI for intermediate goods, although this measure has yet to respond to the recent pickup in the ISM prices paid index.
In February, metrics for pipeline inflation were mixed overall as non-food intermediate processed goods prices excluding energy rose by 0.7% m-o-m while non-food unprocessed goods prices excluding energy fell by 0.3% m-o-m. For March, we expect a steady increase "core PPI" which excludes volatile food, energy, and trade components.”
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