PPI and core PPI y/y slightly above consensus:
Figure 1: Instantaneous inflation (T=12, a=4) for CPI (bold blue), PCE deflator (green), PCE market based deflator (brown), and HICP (light pink), PPI (red) per Eeckhout (2023). chartreuse dashed horizontal line at 2% target for PCE deflator. Corresponding CPI target is 2.45%. HICP seasonally adjusted by author using X-13. Source: BLS, BEA, Economic Commission, and author’s calculations.