The Producer Price Index (PPI) is a measure of inflation from the perspective of product creators. A higher than expected PPI suggests increasing costs for producers, which can lead to higher consumer prices. For an ETF like EWA, which tracks the Australian market, this could signal inflationary pressures that might affect overall market performance. However, the direct impact on EWA's price is uncertain as it depends on how the market interprets these inflation signals and their potential effect on interest rates and economic growth.