US final demand PPI rose +0.5% MoM (vs +0.3% MoM expected) and +2.9% YoY (vs +2.6% YoY expected) in January 2026, led by services price pressures.

• Final demand services increased +0.8% MoM while goods fell -0.3% MoM, showing services were the primary driver of the monthly rise.

• Core PPI excluding food, energy, and trade services rose +0.3% MoM and +3.4% YoY, marking the ninth consecutive monthly increase.

• Processed goods for intermediate demand were unchanged MoM and up +2.6% YoY, as a +0.5% rise in core materials offset declines in energy (-2.0%) and foods (-0.6%).

• Unprocessed goods for intermediate demand fell -0.5% MoM and -6.1% YoY, driven largely by a -3.5% drop in foodstuffs including raw milk (-9.8%).

• Services for intermediate demand increased +0.3% MoM and +2.9% YoY, the fifth straight monthly rise led by trade margins (+1.6%).

• Transportation and warehousing services rose +0.5% MoM while margins for chemicals wholesaling jumped +8.4%, contributing significantly to service inflation.

• Business loan prices fell -7.5% MoM and freight arrangement services declined, offsetting some of the broader services increases.

US final demand PPI increased +0.5% MoM (vs +0.2% MoM expected) in December 2025 and rose +3.0% YoY (unchanged from November), reflecting stronger service-sector price pressures while goods prices were flat.

• Final demand services prices climbed +0.7% MoM, the largest increase since July, with a +1.7% MoM jump in trade margins accounting for roughly two-thirds of the monthly rise.

• Final demand goods prices were unchanged MoM, as a +0.4% MoM increase in core goods was offset by -1.4% MoM energy and -0.3% MoM food price declines.

• Core final demand PPI excluding food, energy, and trade rose +0.4% MoM, marking the eighth consecutive monthly increase and pointing to persistent underlying price gains.

• Within services, margins for machinery and equipment wholesaling surged +4.5% MoM, contributing over 40% of the monthly services increase, while transportation and warehousing rose +0.5% MoM.

• Processed goods for intermediate demand slipped -0.1% MoM, driven by a -2.4% MoM drop in processed energy goods and -1.3% MoM in processed foods, partially offset by gains in core materials.

• Unprocessed goods for intermediate demand jumped +2.3% MoM, the largest increase since January, led by +5.5% MoM in unprocessed energy materials, including a +34.8% surge in natural gas prices.

• Services for intermediate demand rose +0.7% MoM, with most of the increase coming from services excluding trade, transportation, and warehousing, alongside gains in trade and logistics services.

US final demand PPI increased 0.2% MoM (vs 0.2% MoM expected) and 3.0% YoY (vs 2.7% YoY expected) in November, up from 2.8% YoY in October.

• Core PPI was flat (vs +0.2% MoM expected) and up 3.0% YoY (vs 2.7% YoY expected), up from 2.8% YoY previously.
• Goods PPI jumped 0.9% MoM in November on a strong 4.6% MoM increase in energy PPI while core goods PPI was up just 0.2% MoM.
• Services PPI was flat on a monthly basis as trade PPI (tracking wholesale and retail margins) fell 0.8% MoM in both October and November.
• In terms of intermediate demand, processed goods PPI increased 0.6% MoM and 3.6% YoY, almost entirely due to energy.
• Excluding food and energy, the segment was only up 0.1% MoM. Unprocessed goods PPI was up 0.4% MoM as raw input energy and nonfood, nonenergy goods increased while raw food input PPI fell -0.9% MoM.
• Services for intermediate demand PPI increased 0.2% MoM in November, led by a 0.5% MoM increase in the transportation & warehousing segment.
• With rates falling, PPI for business loans saw a large decline of -4.5% MoM.
• BLS also highlighted that “Over half of the increase in the index for services for intermediate demand can be attributed to a 4.2% MoM jump in prices for management consulting services.”

U.S. producer prices rose 0.3% MoM in September (+2.7% YoY), marking a rebound from August’s decline and reflecting firmer goods inflation while services remained flat.

• Final demand goods increased 0.9% MoM, driven mainly by a sharp +11.8% jump in gasoline, with additional support from higher prices for meats, ethanol, natural gas liquids, and structural metal products. This marked the third straight monthly increase in goods prices.

• Final demand services were unchanged MoM, as a -0.8% decline in trade services margins offset increases in transportation and warehousing (+0.4% MoM). The flat reading follows two months of firmer services inflation.

• Core PPI (less foods, energy, and trade) edged up 0.1% MoM (+2.9% YoY), easing from August’s +0.3% rise but maintaining a moderate upward trend.

• Processed goods for intermediate demand rose 0.4% MoM (+3.8% YoY), supported by higher processed energy goods (+0.9% MoM) and processed foods (+1.1% MoM), indicating continued pipeline cost pressure.

• Unprocessed intermediate goods increased 0.1% MoM, as food/feedstuffs jumped +1.9% and nonfood materials rose +1.5%, while unprocessed energy fell -3.0% MoM, led by natural gas (-8.7% MoM).

• Intermediate demand services increased 0.1% MoM, with food wholesaling margins up +3.8% MoM accounting for most of the gain; loan services fell -3.4%.

• Across production stages, intermediate demand inflation remained firm, with Stage 4 (+0.2% MoM), Stage 3 (+0.3% MoM), and Stage 1 (+0.4% MoM) all rising, while Stage 2 edged down (-0.1% MoM), showing broad but varied cost pressures across supply chains.