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- PPI rose from 2.3% in March to 4.8% in April, higher than our and the market’s forecast of 3.5%.
- The largest contributor to the rise stemmed from a sharp rise in fuel costs, followed by meaningful increases in food, beverages and tobacco and paper and printed products. The only decline in inflation was recorded for transport equipment.
- The outlook has deteriorated sharply amid global price pressures stemming from the Iran war. If producer prices rise further, there is greater risk of a more pronounced pass-through to consumer prices.