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Producer prices soar 11.2% from a year ago in March, hit new all-time high - YouTube
Channel: CNBC Television
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all right our march read on the
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wholesale side of inflation in the form
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of producer price index month over month
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change expected up 1.1 zoom zoom zoom up
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1.4
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this is a new all-time high for this
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series the previous was of course of
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january 22 up at 1.2 now if we look at x
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food and energy up one percent it equals
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the all-time high which was up one
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percent in january of 22. now if we
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strip out food energy and trade
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expecting a point five almost double
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that another hot one up nine tenths but
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it avoided a new cycle high which is one
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percent in january of twenty one so
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missed it by a tenth now on the year
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over year numbers well i don't see year
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over year headline number expected to be
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somewhere about 10.6 just don't see it
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folks now if you strip out food and
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energy i see that one that's 9.2 percent
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that's a new cycle high usurping january
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of 22 when it was 8.5 and finally x food
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energy and trade expected up 6.6 well
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it's up 7 percent equaling the cycle
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high from december of 21. the only one i
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don't have as i said folks is
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the year over year final demand just a
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headline year-over-year number so if
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anybody sees that maybe they can pull it
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out we do see we're hovering at two and
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three-quarters in a tenure up about
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three basis points new zealand getting
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aggressive the ecb has their meeting
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tomorrow we have a four-day weekend in
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europe a three-day weekend in the u.s
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and stagflation is the water cooler
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buzzword that nobody really wants to use
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anymore so i don't think i would be
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surprised joe seeing some trimming on
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positions here we go finally finally
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11.2 percent is that first year over
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year number on ppi and of course that's
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a new all-time high the previous cycle
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high was well february of 22 up 10
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so pretty much only one metric missed in
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terms of cycle highs they were all
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hotter than expected and i'm sure this
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is going to be blamed for everything
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other than what it is and that of course
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is that we have supply issues but more
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than anything some of our philosophical
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issues regarding trade have come back to
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haunt us and allowed nefarious activity
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to move on throughout the globe joe back
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to you you're free to use nefarity uh
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but you can say nefarious activity but i
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coined nefarion and i found it had been
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used in the washington post
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uh which as you know uh lights up the
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entire world with transparency uh steve
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liesman uh joins us now they used that
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in the washington post didn't they
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didn't somebody banned the use of that
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word i don't know maybe they allowed it
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to come back okay i'm with you i'm with
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you no there's no darkness there oh all
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light and goodness um
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steve mostly
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even with the cpi there are a couple of
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things that look like they were
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moderating in recent weeks anything
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good at all here that wasn't hotter than
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expected
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yeah one thing let me get to that in
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just a second joe this is the reason why
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i was a little bit unwilling yesterday
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to sort of declare peak inflation is
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because there's still plenty of
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inflation up the pipeline here and
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that's where the concern is
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when i look at for example intermediate
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goods for processing it's the stage
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before the headline number remember rick
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said it was 11
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year-over-year well check out
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intermediate which is 21 plus now that
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came down just a little bit uh from 23
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but there's still a ton of pressure up
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the pipeline uh we have uh food crude
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crude crude food prices up nearly 13
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uh there's still a ways to go joe to
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work through i think what happened in
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russia and ukraine on top of the
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previous high prices that we already had
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and now you've got the lockdowns in
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china we had reports earlier this week
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about troubles in you know in citrus and
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all kinds of uh
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commodities and agricultural commodities
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that are out there so i still think
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there's a way to go to work through what
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we've had here it's why i'm not
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necessarily you know ready to say peak
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inflation just yet you've got to work
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this through it goes from the producer
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down to the consumer in some measure we
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don't know how much some of it could
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come from profit margins some of it
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could come uh in terms of pass along to
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the consumer and who knows maybe that
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used car number there that 3.8 percent
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decline was reaching a limit for how far
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consumers would go but we're going to
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have to reach and find those limits in
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all sorts of categories before we get
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there
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