CONVEX
Past Release · PPI

August 2023 PPI Report

Tuesday, August 1, 2023

PPI printed at 142.41, a +0.65% move from the prior reading of 141.49.

Headline Reading
PPI Final Demand
142.41
Aug 1
Prior
141.49
Absolute
+0.92
Percent
+0.65%

What to Watch For

  • Headline PPI year-over-year
  • Core PPI (ex food and energy)
  • Services vs goods split
  • PCE-relevant components: healthcare, airfares, portfolio management
  • Raw materials prices
  • Prior-month revisions

Expected Market Reaction

Similar to CPI but with smaller magnitude on headline; outsized reaction when PCE-linkage components surprise. Hot PCE components: rates up, equities down. Cold PCE components: rates down, equities up.

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