Updated: 25-Nov-25 09:38 ET

September PPI

Updated: 25-Nov-25 09:38 ET

Highlights

• The Producer Price Index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decline in August. That left the year-over-year change at 2.7% versus 2.6% in August.
• The Producer Price Index for final demand, less foods and energy, increased just 0.1% month-over-month (Briefing.com consensus: 0.2%) following a 0.1% decline in August. That left the year-over-year change at 2.6% versus 2.8% in August.

Key Factors

• The index for final demand goods rose 0.9%, its biggest jump since February 2024, with two-thirds of the increase attributable to the jump in prices for final demand energy.
• The index for final demand services was unchanged after declining 0.3% in August.
• The index for processed goods for intermediate demand moved up 0.4% for the second straight month.
• The index for unprocessed goods for intermediate demand was up 0.1% following a 1.8% decline in August.

Big Picture

• The key takeaway from the report is that inflation at the wholesale level is still sticky, highlighted by a 1.1% month-over-month increase in the final demand foods index, which was up 4.0% year-over-year, shedding light on why many consumers, seeing the pass-through at grocery stores, are not aligned with the thinking that inflation is being brought under control.

Category	SEP	AUG	JUL	JUN	MAY
Final Demand	0.3%	-0.1%	0.8%	0.1%	0.4%
Core (excluding ...)
Food and Energy	0.1%	-0.1%	0.8%	0.0%	0.4%
Food, Energy, and Trade	0.1%	0.3%	0.7%	0.1%	0.1%
Final Demand Goods
Total	0.9%	0.2%	0.6%	0.3%	0.1%
Energy	3.5%	-0.4%	0.7%	1.1%	-0.4%
Finished Goods	1.2%	0.1%	0.4%	0.4%	0.3%
Final Demand Services
Total	0.0%	-0.3%	0.9%	0.0%	0.5%
Trade	-0.2%	-1.7%	1.1%	-0.2%	1.5%
Intermediate Demand
Processed	0.4%	0.4%	0.8%	-0.1%	0.1%
Unprocessed	0.1%	-1.8%	1.6%	2.2%	-1.6%
Services	0.1%	0.0%	0.7%	0.1%	0.1%