8月份生产者价格涨幅超预期

8月份生产者价格涨幅超预期
Producer Prices Rose More Than Expected In August

原始链接: https://www.zerohedge.com/markets/producer-prices-rose-more-expected-august

今天公布的通胀数据显示，生产者价格、消费者价格和服务业成本意外上涨。具体而言，总体生产者价格指数 (PPI) 月度上涨 0.2%，而预期增长率为 0.1%。这导致整体 PPI 同比下降至 1.7%，为 2 月份以来的最低点。此外，核心 PPI 环比意外上涨 0.3%。此外，除能源相关费用外，8 月份服务业各部门的成本均大幅上涨。本月最终需求服务价格上涨 0.4%，其中大部分上涨归因于住宿服务租金激增。此外，部分商品价格保持稳定，部分品类小幅上涨，如非电子烟指数上涨2.3%。然而，8 月份中间需求 PPI 的“管道”明显下降。总体而言，鉴于美联储致力于维持低通胀率，这些事态发展为美联储描绘了一幅充满挑战的景象。

After a mixed (to hotter than expected) CPI, this morning's Producer Prices also surprised to the upside with headline PPI rose 0.2% MoM (vs +0.1% MoM exp). This did push the YoY PPI down to +1.7% (the lowest since Feb)...

Source: Bloomberg

Core PPI rose 0.3% MoM (also hotter than expected) with YoY core PPI re-accelerating...

Source: Bloomberg

Services costs rebounded significantly in August (offset by energy costs deflating)...

Source: Bloomberg

Final demand services:

Prices for final demand services rose 0.4 percent in August after declining 0.3 percent in July. Nearly 60 percent of the increase is attributable to a 0.3-percent advance in the index for final demand services less trade, transportation, and warehousing.

Product detail:

A 4.8-percent rise in the index for guestroom rental was a major factor in the August advance in prices for final demand services.
The indexes for machinery and vehicle wholesaling, automotive fuels and lubricants retailing, residential real estate loans (partial), professional and commercial equipment wholesaling, and furniture retailing also moved higher.
Conversely, prices for airline passenger services fell 0.8 percent.
The indexes for food and alcohol retailing and for membership dues, admissions, and recreational facility use fees (partial) also decreased.

Final demand goods:

Prices for final demand goods were unchanged in August after rising 0.6 percent in July. In August, the indexes for final demand goods less foods and energy and for final demand foods advanced 0.2 percent and 0.1 percent, respectively. In contrast, prices for final demand energy fell 0.9 percent.

Product detail:

In August, the index for non-electronic cigarettes increased 2.3 percent.
Prices for chicken eggs, gasoline, diesel fuel, and drugs and pharmaceuticals also moved up.
Conversely, the index for jet fuel decreased 10.5 percent. Prices for meats; electric power; hay, hayseeds, and oilseeds; and nonferrous scrap also declined

One bright spot was that the 'pipeline' for PPI (intermediate demand) slowed notably in August...

Source: Bloomberg

Not a pretty picture for a dovish Fed to defend.