Updated: 13-Mar-25 09:31 ET
| February PPI |
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| Updated: 13-Mar-25 09:31 ET |
Highlights
- Total PPI was unchanged month-over-month in February (Briefing.com consensus 0.3%) following an upwardly revised 0.6% increase (from 0.4%) in January.
- Core PPI, which excludes food and energy, was down 0.1% month-over-month (Briefing.com consensus 0.3%) following an upwardly revised 0.5% increase (from 0.3%) in January.
- On a year-over-year basis, total PPI was up 3.2%, versus 3.7% in January, and core PPI was up 3.4% versus 3.8% in January.
Key Factors
- The index for final demand goods increased 0.3% in February (fifth consecutive increase), with a 1.7% increase for final demand foods leading the increase.
- The index for final demand services declined 0.2% in February (breaking a six-month streak of increases), paced by a 1.0% drop in final demand trade services.
- The index for processed goods for intermediate demand moved up 0.5% in February (the fifth consecutive increase), led by a 0.3% rise in the index for processed materials less foods and energy, which accounted for over 40% of the advance.
- The index for unprocessed goods for intermediate demand rose 1.3% (the third consecutive advance), paced by a 5.1% increase in the index for unprocessed foodstuffs and feedstuffs.
Big Picture
- The key takeaway from the report is comparable to the key takeaway from the CPI report: inflation at the wholesale level, while improving, is still too high, and with the tariff battles heating up, there is concern that the disinflation isn't going to persist.
| Category | FEB | JAN | DEC | NOV | OCT |
| Final Demand | 0.0% | 0.6% | 0.5% | 0.1% | 0.3% |
| Core (excluding ...) | |||||
| Food and Energy | -0.1% | 0.5% | 0.4% | 0.0% | 0.4% |
| Food, Energy, and Trade | 0.2% | 0.3% | 0.4% | 0.1% | 0.3% |
| Final Demand Goods | |||||
| Total | 0.3% | 0.6% | 0.5% | 0.6% | 0.1% |
| Energy | -1.2% | 1.8% | 2.1% | 0.4% | 0.3% |
| Finished Goods | 0.2% | 0.5% | 0.7% | 0.8% | -0.1% |
| Final Demand Services | |||||
| Total | -0.2% | 0.6% | 0.5% | -0.1% | 0.4% |
| Trade | -1.0% | 1.2% | 0.4% | -0.6% | 0.7% |
| Intermediate Demand | |||||
| Processed | 0.5% | 1.0% | 0.2% | 0.1% | 0.3% |
| Unprocessed | 1.3% | 5.8% | 2.9% | 0.0% | 2.3% |
| Services | -0.2% | -0.2% | 0.5% | -0.2% | 0.1% |