German AF GAF686 Global 5000 en from Breast, France after a ground stop
Soaring Food Costs Send Producer Prices Higher In September
Following yesterday's mixed bag for consumer prices (used cars soaring, rent/shelter slowing), producer prices were expected to shift back into very modest inflation YoY in September (and after 5 straight months of deflation), and across the board PPI printed hotter than expected. PPI Final Demand rose 0.4% MoM (double the +0.2% exp) sending PPI up 0.4% YoY (against expectations of a 0.2% rise) - the first inflationary print since March…That is the highest PPI YoY since February (pre-COVID).
While Energy costs are lower (-0.3% MoM, -11.4% YoY), Food costs are the biggest incremental driver of the hotter than expected inflationary print, rising 1.2% MoM (+13.3% YoY). Certainly nothing here to stall The Fed's ongoing inflationary pressure.
https://www.zerohedge.com/markets/soaring-food-costs-send-producer-prices-higher-september
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