Something for your Espresso: Oil and inflation
A big inflation day is ahead with focus on energy markets. The EIA- and OPEC will release reports as well. Expect a dovish vibe in the CPI but new positivity around oil and gasoline.
Good morning from Europe.
The PPI surprised a tad on the upside as energy was up >3% with very moderate price pressures elsewhere. Service prices increased 0.3% on the month, while goods prices remain soft despite rising energy prices. The closer to a core measure, the less inflation left in the US, It seems
Chart 1: PPI decomposed
A big inflation day is ahead with focus on energy markets. The EIA- and OPEC will release reports as well. Expect a dovish vibe in the CPI but new positivity around oil and gasoline.
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