April 2021 US producer price index data:
- Prior was +1.0%
- Ex food and energy YoY 4.1% versus 3.8% expected
- Ex food, energy, trade YoY 4.6% versus 4.3% expected
- PPI final demand MoM 0.6% versus 0.3% expected
- Ex food and energy MoM 0.7% vs 0.4% expected
- Ex food, energy, trade MoM 0.7% versus 0.6% prior
That's another upside miss on inflation. PPI is certainly second-fiddle to CPI but those cost pressures move down the chain.
The dollar is softening though so either something worse was priced in after CPI or there were people waiting to fade USD strength. In any case, the reaction has only been a handful of pips.