Analysts at Australia and New Zealand banking group (ANZ) offer their afterthoughts on the US Producer Price Index (PPI) data published on Friday.
Key Quotes:
“US producer prices came in better than expected in June, providing another sign of inflation in the economy. Producer prices excluding food and energy beat market expectations and increased by 0.3% m/m in June (after increasing 0.2% m/m in the month prior).
The metric was also up on a year-on-year basis, to 2.3% in June, leaving it unchanged from the month prior. The overall producer price index also beat market expectations this month, rising by 0.1% m/m and 1.7% y/y.
Trade services led the index higher, rising by 1.3% m/m while food costs also rose by 0.6% m/m.”
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