Producer prices fell by 0.2% in December, pushing the y-to-y index to 5.0%. The number is below our forecast of unchanged prices and even more significantly below the market consensus of 0.2% growth. The fall was driven by higher-than-expected fall of prices in the oil industry, where cheaper oil on world markets pushed prices 6% down. The low number confirms benign inflation pressures within the economy and it is definitely a good news for the bond market.