Unusually, we get a look at August’s Producer Prices (today) ahead of the Consumer Prices (tomorrow) with analysts expecting a 0.3% MoM increase (considerably less than the large 0.9% MoM surge in July).
As a reminder, PPI and CPI (reporting next two days) are also under the BLS umbrella
— zerohedge (@zerohedge) September 9, 2025
However, amid all the Trump Tariff tantrums, the headline PPI print FELL 0.1% MoM (yes, deflation) and July was revised down to +0.7% MoM, smashing PPI YoY down to +2.6% (3.3% YoY exp)…
Source: Bloomberg
Services prices tumbled MoM…
Source: Bloomberg
Perhaps more importantly, Producer Prices Goods ex food and energy also fell 0.1% MoM with pries rising 2.8% YoY (well below expectations)
Source: Bloomberg
Under the hood, energy prices fell as did Trade Services…
We warned that Energy PPI would fall…
Source: Bloomberg
Over to you Mr. Powell!
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