CONVEX
Past Release · PPI

December 2023 PPI Report

Friday, December 1, 2023

PPI printed at 142.16, a -0.12% move from the prior reading of 142.33.

Headline Reading
PPI Final Demand
142.16
Dec 1
Prior
142.33
Absolute
0.17
Percent
-0.12%

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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