US July PPI subcomponents show persistent upstream inf pressures in intermediate
demand, though MoM cooling. Processed-goods intermediate demand -0.6% MoM, +9.9%
YoY; processed energy -3.1% MoM; processed food & feed -0.5% MoM.
Unprocessed-goods intermediate demand -1.8% MoM, +7.1% YoY, largely due to a
11.9% MoM plunge in crude oil. Intermediate services demand +0.5% MoM, +5.1%
YoY. By production stage, stage-4 intermediate demand +0.6% MoM (prior 0.3%);
stage-1 and stage-3 each -0.1% MoM. Elevated YoY gains in intermediate demand
indicate upstream cost pressure remains high and may gradually transmit to
consumer prices.
