Industrial product prices fell 0.6% in December, the first down month in the last six - and below expectations of a 0.3% M/M gain…

… driven mainly by petroleum products. Raw materials prices surprised to the upside though, gaining 0.5% versus expectations for a decline of similar magnitude…

… on the back of an aggressive, sustained move higher in the price of metal ores.

That’s done all the heavy lifting, offsetting weakness across other categories - with crop…

… and crude products trending in the opposite direction.