US: Surprise upside in Producer Prices – TD Securities


Analysts at TD Securities note that the US Producer prices surprised to the upside in September, with both headline and core prices falling below market expectations at -0.3% and 0.0% MoM, respectively (market: 0.1% headline; 0.2% core).

Key Quotes

“On an annual basis, headline PPI fell to its lowest level since 2016, while the core series fell by two tenths to 1.7%.”

“All in, pass-through signs from tariff increases are yet to be noticed as core goods inflation remains subdued. Interestingly, a couple of the categories that supported the recent pick-up in PCE inflation actually declined in September: portfolio mgmt. fees and airfares. However, their decline could be offset by the PPI's healthcare component, which posted a notable increase.”

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