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Interest rates fell sharply today on news that December's PPI confirmed that inflation is falling rapidly. The PPI inflation rate plunged from almost 18.0% y/y in mid-2022 to 6.2% by the end of the year (chart). Both the goods and services components of the PPI are disinflating.
The PPI includes indexes for personal consumption based on prices received by the providers of the goods and services purchased by consumers (chart). Here are the key stats:
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