‘Buckle Up People!’ CNBC Anchor Stunned By New Inflation Number
CNBC anchor Rick Santelli gushed over better-than-expected inflation numbers, exclaiming “Buckle up, people!” as he read off an encouraging PPI result.
On Wednesday morning, the Bureau of Labor Statistics released a PPI (Producer Price Index) report that showed lower-than-expected inflation for the month of February. Prices were expected to rise .3 percent, but instead they fell:
The Producer Price Index for Final Demand decreased 0.1 percent in February, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.3 percent in January and declined 0.2 percent in December 2022. … On an unadjusted basis, the final demand index rose 4.6 percent for the 12 months ended in February.
In February, the decline in the final demand index was led by prices for final demand goods, which fell 0.2 percent. The index for final demand services edged down 0.1 percent.
The index for final demand less foods, energy, and trade services increased 0.2 percent in February after rising 0.5 percent in January. For the 12 months ended in February, prices for final demand less foods, energy, and trade services advanced 4.4 percent.
On Wednesday morning’s edition of CNBC’s Squawk Box, Santelli got excited as he read off the numbers:
Welcome back to Squawk Box. Rick Santelli here live at CME HQ with some important breaking news. A lot of important breaking news. Let’s start out with our February reads on the producer price index expected to be up 3/10. Buckle up people! Down 1/10 of 1%, down 1/10 of 1%!
We all know that in December it was down 2/10. So we are revisiting that. Obviously, that is an important issue. When you get back in negative territory, you’re actually lowering some of those prices versus changing the rate of change.
The news comes on the heels of a CPI report that President Joe Biden pointed out “shows annual inflation is down by a third from this summer at a time when the unemployment rate remains near a 50-year low.”
Watch above via CNBC’s Squawk Box.
