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PPI Comes in Hot and CNBC Goes Into Overdrive: Don't Take the Bait
April PPI just dropped this morning and it is hotter than expected across the board. Final demand rose 1.4% month over month, the largest monthly gain since March 2022, and up 6% year over year, the biggest annual increase since December 2022. The consensus estimate was 0.5%. Core PPI accelerated 1% against a 0.4% estimate. Energy is driving a big piece of it but the data shows price pressure is now broad based, extending well beyond oil and gas. The stagflation question is back on the table and nobody has a clean answer. This morning I make the case that CNBC and financial media are using…
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