Producer Inflation Hits Highest Level In A Year, Heightens Pressure On Consumer Prices
Producer Inflation Hits Highest Level In A Year, Heightens Pressure On Consumer Prices
Inflation affecting American producers showed a broader uptick in April, with the headline month-over-month figure far exceeding estimates Tuesday, one day before the critical consumer inflation report is released.
影响美国生产商的通货膨胀在4月份出现了更广泛的上升，周二的总体环比数字远远超过了预期，也就是重要的消费者通胀报告发布的前一天。
The Producer Price Index (PPI) shows an increase of 0.5% in April compared to March, reaching its highest level in a year.
4月份生产者价格指数（PPI）与3月份相比增长了0.5％，达到一年来的最高水平。
April PPI Report: Key Highlights
4月生产者物价指数报告：主要亮点
- The headline PPI surged by 2.2% in April 2024 on a year-over-year basis, surpassing the previous downwardly revised annual rate of 1.8% and matching expectations of 2.2%.
- The month-on-month increase in the headline PPI was 0.5% in April, marking an acceleration from the downwardly revised 0.1% drop and topping estimates of 0.3%.
- The PPI for goods witnessed a 0.4% monthly increase, affected by a 2% rise in the energy item.
- The PPI for services saw a 0.6% monthly surge, with the trade item rising by 0.8%.
- The core PPI, which excludes food and energy, held steady at 2.4% annually, as expected.
- On a monthly basis, the core PPI jumped 0.5%, accelerating from the previous downwardly revised 0.1% drop and topping estimates of 0.2%.
- 2024年4月，总体生产者物价指数同比增长2.2％，超过了之前向下修正的1.8％的年增长率和2.2％的预期。
- 4月份整体PPI同比增长0.5％，标志着从向下修正的0.1％跌幅加速，超过预期的0.3％。
- 受能源项目增长2％的影响，商品生产者物价指数月度增长0.4％。
- 服务业生产者物价指数月度上涨0.6％，贸易项目增长0.8％。
- 正如预期的那样，不包括食品和能源的核心PPI每年稳定在2.4％。
- 按月计算，核心生产者物价指数上涨0.5％，较之前向下修正的0.1％跌幅加速，超过预期的0.2％。
| PPI Measure | Mar. 2024 | Apr. 2024 | Exp. |
|---|---|---|---|
| Headline (Y/Y) | 1.8% | 2.2% | 2.2% |
| Headline (M/M) | -0.1% | 0.5% | 0.3% |
| Core (Y/Y) | 2.4% | 2.4% | 2.4% |
| Core (M/M) | -0.1% | 0.5% | 0.2% |
| PPI 衡量标准 | 2024 年 3 月 | 2024 年 4 月 | Exp。 |
|---|---|---|---|
| 标题（Y/Y） | 1.8% | 2.2% | 2.2% |
| 标题 (M/M) | -0.1% | 0.5% | 0.3% |
| 核心（Y/Y） | 2.4% | 2.4% | 2.4% |
| 核心 (M/M) | -0.1% | 0.5% | 0.2% |
Market Reactions
市场反应
Prior to the PPI release, traders had priced in nearly 50 basis points of Fed rate cuts by year end.
在生产者物价指数公布之前，交易员对美联储到年底的降息进行了近50个基点的定价。
Treasury yields rose across the board, with the rate-sensitive two-year yield up 4 basis points to 4.88% as of 8:33 a.m. in New York.
美国国债收益率全面上升，截至纽约上午8点33分，对利率敏感的两年期国债收益率上涨了4个基点，至4.88％。
The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), strengthened 0.2%.
景顺数据库美元指数看涨基金ETF（纽约证券交易所代码：UUP）追踪的美元指数（DXY）上涨了0.2％。
Futures on major U.S. stock indices trended lower on Tuesday premarket trading. On Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) closed flat.
周二盘前交易中，美国主要股指期货走低。周一，SPDR标准普尔500指数ETF信托基金（纽约证券交易所代码：SPY）收盘持平。
Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), rose 0.5% to $2,343 per ounce.
根据SPDR黄金信托基金（纽约证券交易所代码：GLD）的追踪，黄金上涨0.5％，至每盎司2343美元。
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