PPI data

Producer prices in July was up .8% y/o/y headline and 2.4% core, both one tenth above the estimate. Food prices rose .5% m/o/m, though little changed y/o/y. Energy prices were flat m/o/m and down almost 17% y/o/y. With energy prices up sharply recently, this will start to reverse higher.

Core goods prices were unchanged m/o/m and up 1.9% y/o/y. Driving the rise in food was a 5% rise in meats. Vehicle prices rose but fell for plastic resins and materials.