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Analysts at Nomura expect only modest inflation of upstream prices as measured by the US PPI.

Key Quotes

“The headline PPI rose a steady 0.2% m-o-m in September. A solid 0.4% m-o-m increase in “core” PPI (which excludes volatile energy, food and trade services) was boosted by a sharp 5.5% m-o-m increase in airline passenger service prices, which appears to be transitory.”

“The 0.4% advance in the core PPI is likely unsustainable and the pace of monthly inflation will should remain modest in coming months.”