The services PPI rose 2.3% y/y for October, above the market consensus (2.1%) and also above the prior 2.0% outcome (revised from an initial 2.1% read). This puts the y/y gain at the highest since early 2020. In m/m terms we rose 0.5%, after a flat outcome in September.

• This index tracks the price of services provided by businesses to other businesses and the government sector. Its relationship with national headline CPI is evident, with a correlation of 69% (for y/y moves) for the past 2yrs.