BLS published March PPI results this morning showing an increase of just over 11% year over year for PPIFIS (Final Demand) or slightly more than 1.3% increase month over month.
This leaves critical information out and paints a partial picture as PPIACO (All Commodities) reflects a full 20.46% increase year over year and over a 2.8% increase in March over February.
Shared monthly charts reflect trends for both PPIACO and PPIFIS with trend presenting projections of: PPIACO: +2.49% month over month, 21.8% year over year PPIFIS: +1.22% month over month, 11.45% year over year
Price increases of all commodities, which is not reflected in the PPI narrative given the BLS news release, is an important factor to consider, especially when tracking against the market indices.