Thursday, December 15, 2011


PPI was reported today up 0.3% m/m and up 5.7% y/y.  This was a little bit higher than expected.  In case there's any doubt about what type of environment we're in (in terms of inflation/deflation) below is a chart of the PPI index since 2000.  I'm not sure that it shows inflation is any more mild or "below trend" than it has been at any other time during the 21st century.

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