CPI vs PPI
The Producer Price Index (PPI) measures prices received by domestic producers. Changes in PPI often show up in CPI several months later — making PPI a leading indicator of consumer inflation.
CPIAUCSLPPIACO- CPI
- PPI (All Commodities)
When producer costs rise — raw materials, intermediate goods, wholesale prices — businesses usually pass at least part of the increase through to consumers over the following months. PPI therefore moves before CPI in most inflation cycles, though the size and speed of the pass-through vary with pricing power and demand conditions.
The 2021–22 inflation surge made this visible in real time. All-commodity PPI peaked above 20% year-over-year in mid-2022; CPI peaked at 9.1% a month or two later. As goods inflation cooled in late 2022, PPI turned negative year-over-year before CPI did. In demand-driven cycles the lead can be short; in supply-driven cycles it tends to be longer.
PPI is published monthly by the BLS. The headline index covers final-demand goods and services; sub-indexes break out intermediate and crude goods, which tend to move first and offer the earliest read on cost pressure in the pipeline.
Related comparisons
CPI vs PCE
CPI and PCE are the two main U.S. inflation gauges. They usually move together but measure different baskets with different weights — and the gap between them drives where the Fed sets policy.
Core CPI vs Core PCE
Core measures strip out food and energy — the two most volatile CPI and PCE components — to reveal the underlying inflation trend. Core PCE is the Fed's single most-watched inflation gauge.
10-Year vs 2-Year Treasury Yield
When 2-year yields exceed 10-year yields the curve is inverted — and inversions have preceded every U.S. recession since 1955. Compare the two benchmark yields directly.
Fed Funds Rate vs 10-Year Treasury Yield
The federal funds rate is the Fed's lever on short-term interest rates; the 10-year Treasury yield is set by the bond market. Comparing them shows the market's read on Fed policy.
30-Year Mortgage vs 10-Year Treasury
The 30-year fixed mortgage rate closely tracks the 10-year Treasury yield plus a spread that reflects credit risk, prepayment risk, and mortgage-backed-security pricing.
U-3 vs U-6 Unemployment Rate
The headline U-3 rate counts only the jobless who are actively looking. U-6 also counts underemployed and marginally attached workers — a broader gauge of labor-market slack.