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Economic Update: Producer Price Index

The Labor Department reported the Producer Price Index (an indication of inflation at the wholesale level) for February fell by -0.6%, which was below the consensus estimate for a drop of -0.2% and January’s reading of +1.4%

When you strip out food and energy, the so-called Core PPI came in up +0.1%, which was in line with the consensus for +0.1% and below January’s +0.3%.

The decline in the February PPI was the biggest drop since July 2009.

This report confirms the Fed’s view that inflation remains under wraps at the present time and helps justify keeping rates low for an extended period.

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