CONVEX
Past Release · PPI

January 2024 PPI Report

Monday, January 1, 2024

PPI printed at 142.58, a +0.29% move from the prior reading of 142.16.

Headline Reading
PPI Final Demand
142.58
Jan 1
Prior
142.16
Absolute
+0.41
Percent
+0.29%

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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