September PPI data

  • Prior was +1.8% y/y
  • Ex food and energy +2.0% y/y vs +2.3% exp
  • Prior ex food and energy +2.3% y/y

Month-over-month

  • PPI -0.3% vs +0.1% exp
  • Prior +0.1%
  • Ex food and energy -0.3% m/m vs +0.3% expected
  • Prior ex food and energy +0.3%

This was a big miss and raises some questions about the CPI report later this week. The headlines is the lowest since Nov 2016.