by Wolf Richter
Wolf Street
January was up-revised to worst increase since August 2023, PPI inflation doubling in 12 months. February unchanged, waiting for up-revision.
It happened again. We’ve been discussing this issue here for many months: It’s the up-revisions of the prior months that are largely driving the PPI higher, and that was the case today too.
Today’s Producer Price Index for February once again included up-revisions of the data for the prior month, driven by a big up-revision for the services PPI that doubled the month-to-month increase, which flipped the previously reported year-over-year “cooling” in January to “continued heating” in January.