US PPI was up 0.4% MoM and 3.5% YoY in January, above analyst forecasts of 0.3% MoM and 3.2% YoY and (along with December 2024) the joint-highest since February 2023.

• Core PPI growth was 0.3% MoM and 3.6% YoY (vs 3.3% YoY expected).
• Goods PPI was up 0.6% MoM with food (1.1% MoM) and energy (1.7% MoM) up strongly and core goods PPI only up 0.1% MoM,
• Services PPI was up 0.3% MoM with the strongest increase in transport & warehousing (+0.6% MoM).
• Processed goods PPI advanced 1.0% MoM and 1.0% YoY (prev 0.2% YoY), and unprocessed goods PPI jumped 5.5% MoM and 8.7% YoY (prev 5.2% YoY). Most of the increases in these segments were caused by flare ups in energy and food.
• Intermediate demand services PPI actually fell -0.2% MoM, impacted by a -7.7% MoM drop in business loan costs. Alternatively, truck transport services prices increased 1.3% MoM.