US producer prices rose in November by more than forecast, driven by services and underscoring the stickiness of inflationary pressures that support Federal Reserve interest-rate increases into 2023.
The producer price index for final demand climbed 0.3 per cent for a third month and was up 7.4 per cent from a year earlier, Labour Department data showed on Friday. On an annual basis, the measure continued to decelerate.
The median estimates in a Bloomberg survey of economists called for the index to be up 0.2 per cent in November and 7.2 per cent from 2021.
The data comes just days before the release of the closely watched consumer price index, which is forecast to show that inflation, while much too high, continues to decelerate.
That said, cooler demand at home and abroad has taken some stress off supply chains, allowing annual producer-price growth to slow significantly.
Excluding the volatile food and energy components, the so-called core PPI rose 0.4 per cent in November and increased 6.2 per cent on an annual basis.
With core-goods inflation easing, attention is shifting to price growth in the services side of the economy. The housing components, which are currently a key driver of consumer inflation, are expected to eventually turn, but wages may prove key to the ultimate path of inflation.
US stocks were down slightly after the report, while Treasury yields jumped and the dollar fluctuated.
Fed Chair Jerome Powell said in a recent speech that core services ex-housing, as measured by an index tied to personal consumption, “may be the most important category for understanding the future evolution of core inflation”. And that the “labour market holds the key to understanding inflation in this category”.
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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OPINIONS ON PALESTINE & ISRAEL
Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
