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. Reality, that producer prices in industry play with deflation and agricultural prices have been falling y/y for more than 6 months, goes in line with postponement of rise in interest rates. Core inflation in producer prices (e.g. food & energy) is in fact deflation in the range of 1%. Correction in the short end of yield curve, which last for approximately one month, should deepen in following days.