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February’s producer-price index isn’t due until Tuesday at 10 a.m., but we already know what it will tell us: The U.S. has an inflation problem.
Producer prices are expected to rise 10% year over year, up from 9.7% in January on a non-seasonally adjusted basis and by 0.9% on a month-over-month basis, down from 1% in January. The numbers are so high that it’s almost inconceivable that a surprise in any direction would have much of an impact.