Updated: 15-Oct-26 09:49 ET

September PPI

Updated: 15-Oct-26 09:49 ET

Highlights

• The Producer Price Index for final demand increased 1.3% month-over-month in September (Briefing.com consensus: 0.5%) following a 0.5% increase in August. The September increase was the largest increase since March 2022 and left the index up 6.3% year-over-year versus 5.6% in August.
• The index for final demand, less food and energy, rose 0.7% (Brieifng.com consensus: 0.3%) following a 0.2% increase in August. The September increase left the index up 5.0% year-over-year versus 4.8% in August.

Key Factors

• The index for final demand goods surged 2.6%, the largest increase since data were first calculated in 2009, paced by a 10.8% increase in prices for final demand energy.
• The index for final demand services was up 0.8%, led by a 1.4% increase in margins for final demand trade services.
• The index for processed goods for intermediate demand rose 2.5%, paced by a 10.2% jump in prices for processed energy goods.
• The index for unprocessed goods for intermediate demand moved up 8.4%, the largest increase since February 2022, mostly due to a 22.2% increase in prices for unprocessed energy materials.

Big Picture

• The key takeaway from the report is the accelerated pace of inflation at the wholesale level. That will be looked at by many as a setup for ongoing pass-through price pressures for the consumer.

Category	SEP	AUG	JUL	JUN	MAY
Final Demand	1.3%	0.5%	0.2%	-0.1%	0.5%
Core (excluding ...)
Food and Energy	0.7%	0.2%	0.3%	0.4%	0.0%
Food, Energy, and Trade	0.5%	0.3%	0.5%	0.2%	0.8%
Final Demand Goods
Total	2.6%	1.1%	-0.4%	-1.4%	2.2%
Energy	10.8%	4.5%	-1.7%	-6.8%	8.2%
Finished Goods	2.7%	0.8%	-0.3%	-1.5%	2.4%`
Final Demand Services
Total	0.8%	0.2%	0.3%	0.5%	-0.2%
Trade	1.4%	0.2%	-0.2%	1.3%	-2.7%
Intermediate Demand
Processed	2.5%	1.8%	-0.4%	-1.0%	2.7%
Unprocessed	8.4%	0.9%	-0.2%	-6.5%	3.0%
Services	0.9%	0.7%	0.2%	0.8%	0.5%