Prima di iniziare il post di oggi partiamo da qui, dall’ennesima smentita di tutte le fesserie che girano in rete sull’inflazione, perché nella finanza è pieno di ignoranti in fatto di dinamiche macroeconomiche o micro, in attesa dei dati sui prezzi al consumo odierni e la relazione sulle vendite al dettaglio che riserveranno più di una sorpresa...
Vediamo cosa ci racconta di bello Econoday….
Released On 1/11/2018 8:30:00 AM For Dec, 2017
Prior Consensus Consensus Range Actual
PPI-FD – M/M change 0.4 % 0.2 % -0.1 % to 0.5 % -0.1 %
PPI-FD – Y/Y change 3.1 % 2.6 %
PPI-FD less food & energy – M/M change 0.3 % 0.2 % 0.1 % to 0.3 % -0.1 %
PPI-FD less food & energy – Y/Y change 2.4 % 2.3 %
PPI-FD less food, energy & trade services – M/M change 0.4 % 0.2 % 0.2 % to 0.3 % 0.1 %
PPI-FD less food, energy & trade services – Y/Y change 2.4 % 2.3 %
Yesterday’s weakness in import and export prices did in fact point to wide weakness in today’s producer price report where the headline, at minus 0.1 percent in December, is 3 tenths below Econoday’s consensus for the first decline since August 2016. Ex-food and ex-energy is also at minus 0.1 percent and when also excluding trade services, which were very weak, prices came in at plus 0.1 percent. Year-on-year rates, which had been on the rebound, all fell back with total prices down 5 tenths to 2.6 percent.
Service prices are less sensitive to change than commodity prices and December shows wide weakness with the trade services component down a very steep 0.6 percent for the second straight decline and the third in the last four months. Goods prices were unchanged in December with key readings here showing a 0.7 percent decline for food, no change for energy and a 0.3 percent decline for finished goods with light trucks unchanged, cars up 0.2 percent and computers down 0.7 percent.