"Figure 3: The 12-month growth rate for input PPI largely follows the same trend as crude oil growth but is considerably more muted","" "12-month growth of input PPI (right-hand side) and the crude oil component of input PPI (left-hand side), January 2018 to December 2019","" "","" "Notes","" "Unit","%" "","" "","Crude Oil (%)","Input PPI (%)" "Jan 2018","12.7","4.4" "Feb 2018","9","3.9" "Mar 2018","13.5","4.5" "Apr 2018","20.1","5.6" "May 2018","43.1","9.6" "Jun 2018","50.2","10.3" "Jul 2018","49.6","10.3" "Aug 2018","41","9.9" "Sep 2018","39","10.7" "Oct 2018","40.4","10.4" "Nov 2018","13.1","5.4" "Dec 2018","-4","3.1" "Jan 2019","-7.5","2.7" "Feb 2019","3.2","4.1" "Mar 2019","6.2","3.1" "Apr 2019","8.8","4.6" "May 2019","-1.4","1.4" "Jun 2019","-8.4","0.3" "Jul 2019","-7.4","0.9" "Aug 2019","-11.7","-0.9" "Sep 2019","-14.8","-3" "Oct 2019","-21.8","-5" "Nov 2019","-7.9","-1.9" "Dec 2019","7.1","-0.1"