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The BLS reports producer prices that are still rising at substantial rates. The PPI representing the final demand for finished goods was up 9.35% YoY in July, slightly faster than the 9.19% posted in June. The latest a new thirteen-year high just about equal to August 2008.
It isn’t quite the obvious downshift in some parts of the CPI, but a downshift of some magnitude nonetheless.
Even as consumer and producer prices deviate for the time being, this deviation is being projected to dissipate at the same time deflationary problems gather alongside.