The inflation reading also came in under the prior 4.9% print, signaling wholesale price pressure cooled faster than Wall Street expected.
US core PPI (Producer Price Index, a wholesale inflation gauge) rose 4.7% year over year, missing the 5.1% forecast and coming in below the prior 4.9% reading. The softer-than-expected print indicates wholesale price pressure is easing faster than Wall Street anticipated, a signal markets often watch for clues on the inflation pipeline before consumer prices.