April US producer price index data

  • Prior was 3.0% y/y
  • Ex food and energy 2.3% vs 2.4% y/y
  • Ex food, energy and trade 2.5% vs 2.9% y/y prior

m/m data

  • PPI +0.2% m/m vs +0.2% exp
  • Ex food and energy +0.2% vs +0.2% exp
  • Ex food, energy and trade +0.1% vs +0.2% exp

Pipeline pressures are disappointing, especially given the rallies in commodities.