There was a bit — emphasis on the small — of good inflation news today. The Producer Price Index report from the Bureau of Labor Statistics showed that the seasonally adjusted PPI for final demand was up 0.3% in November. On a non-seasonally adjusted basis, the index for was up 7.4% for the last 12 months ending in November. That's down from the previous 8.1%.
Core PPI — without food, energy, or trade services — was up 4.9% for the 12 months ending in November.
Any reduction is welcome news, but that doesn't mean it's good enough for the Fed. Plus, CRE construction costs are still facing high inflation.
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