"Breaking news on the producer price index, crossing the tape moments ago, it is causing markets to sell off hotter than expected. Again, Cheryl has the numbers."
"It really is! On the heels of CPI yesterday, Maria. Here we go month over month for PPI for the month of April, 6 tenths of a percent. The expectation was a half a percent, so that's hotter than expected. The year over year headline number is definitely what I believe the market is reacting to right now. That is 6%. The expectation 4.9 that came in at 6%."
"We haven't seen that level of producer price headline inflation since December of 2022, Maria, and this is the energy story. Obviously, the core month over month though, that is another piece of the story here, 1%. We came in at 1%, the expectation was three-tenths, and then the core year over year also coming in much harder than expected, 5.2%. The street was looking for 4.3% there."
The Producer Price Index for final demand increased 1.4% in April on a seasonally adjusted monthly basis, exceeding prior months and the largest advance since March 2022. On an unadjusted basis, final demand prices rose 6.0% over the 12 months ended in April, the largest 12-month increase since December 2022. The report followed a CPI release and contributed to market declines, with Dow futures falling more than 100 points. The month-over-month figure was 0.6% in April, above expectations of 0.5%. The year-over-year headline rate was 6.0% versus expectations of 4.9%. Core measures also came in hotter than expected, including a 1.0% month-over-month core increase and 5.2% year-over-year core inflation.
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