CONVEX
Past Release · PPI

January 2025 PPI Report

Wednesday, January 1, 2025

PPI printed at 147.97, a +0.63% move from the prior reading of 147.05.

Headline Reading
PPI Final Demand
147.97
Jan 1
Prior
147.05
Absolute
+0.92
Percent
+0.63%

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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