March’s producer price report is another reminder that not all inflation is created equal. A commodity-driven jump tied largely to energy is one thing. A generalized inflationary breakout across goods, services, and margins is something very different. This report looks much more like an energy-driven shock than a broad inflationary resurgence.
Yes, headline producer prices rose 0.5 percent in March. But that increase came in well below expectations, and the details matter far more than the top-line number.
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