The producer price index fell in November by 0.3%. In October, we saw y/y inflation of 0.3% in this segment of economy. In November, y/y inflation completely vanished. Last month, prices were influenced by lower refinery and food production prices. The fact that producer prices in industry have an impact on deflation and that agricultural prices have been falling y/y for more than 6 months, goes in line with the postponement of any rise in interest rates. Core inflation in producer prices (e.g. food & energy) is in fact deflation in the range of 1%. A correction in the short end of the yield curve, which has lasted for approximately one month, should deepen in coming days.