The US October PPI was stronger than expected at +0.4% m/m and 2.8% y/y while the core pace also rose 0.4% m/m, with the annual core rate rising to 2.4% y/y (2.2% last), notes the research team at ANZ.
“The data hint at some building pipeline inflation pressures and perhaps supports the idea that the weakness in inflation earlier this year is likely to have been transitory (i.e. pharmaceutical prices rose 2.1% m/m). The data are consistent with the Fed's view of gradual inflation normalisation.”
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