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In December, a major measure of American producer prices suddenly slumped and the overall gauge went down more than predicted in the face of lower crude prices, indicating that potential inflation pressures in the American economy are still there.
Without energy and food, producer prices dived by 0.1% from December, which appears to be the first tumble in a year, as follows from a Labor Department report uncovered on Tuesday. From November the overall producer-price index declined by nearly 0.2% following a 0.15 ascend.
Core producer-price gains stood still at 2.7% on an annual basis, confounding estimates for 3%, while the broad indicator surged by up to 2.5%, also intact from the previous outcome. Energy and food prices are traditionally volatile.
The PPI figures, gauging wholesale as well as other selling costs at businesses, drop a hint that prices are gradually firming up. Moreover, they are also in line with the consumer-price report, which disclosed a drag from energy costs. Meanwhile, core inflation stood still, providing the major US bank with little urgency to have rates lifted in the nearer future.
Energy costs slumped by 5.4% from November within final demand PPI for goods, led by a 13.1% sink in gasoline prices. As for food costs, they headed north by 2.6%.
Without trade services, energy and food, producer costs, a gauge preferred by financial analysts for its ability to strip out the most volatile components, moderated to an intact month-on-month outcome, while the annual gain kept to 2.8% for a third straight month.
The PPI for services went down by about 0.1%, which appears to be the first tumble for four months, suppressed by transportation as well as warehousing and also narrower margins for wholesalers and retailers. It had the core index dragged down.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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