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US PPI: Worst of the disinflationary impulse of the pandemic is over – Wells Fargo

Data released on Thursday showed a larger-than-expected increase in the Producer Price Index in August. According to analysts at Wells Fargo, the 0.3% increase in the PPI was driven by gains in core goods and services. They point out the pandemic-related price distortions are reversing, but warn the trend in inflation will remain subdued for some time.

Key Quotes: 

“The August PPI offered further evidence that the worst of the disinflationary impulse of the pandemic is over. Producer prices rose 0.3% last month. “

“While categories where demand collapsed earlier this year are seeing prices recover, the jump in food prices caused by consumers stocking up at groceries at the same time of supply disruptions has been unwound.”

“On a year-over-year basis, our preferred measure of core inflation edged up to 0.3%. While inflation may be turning up again, the overall trend will remain subdued amid generally weak demand.”

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