January 14, 2026

According to the U.S. Bureau of Labor Statistics, the Producer Price Index (PPI) for final demand in the U.S. increased 0.2 percent in November on a seasonally adjusted basis. This follows a 0.1 percent rise in October and a 0.6 percent increase in September. On an unadjusted basis, the index for final demand advanced 3.0 percent over the 12 months ended November 2025.

In November, a 0.9 percent increase in prices for final demand goods accounted for the overall rise, while prices for final demand services were unchanged.

Excluding foods, energy, and trade services, the index for final demand edged up 0.2 percent in November after a 0.7 percent increase in October. Over the past 12 months, this index has advanced 3.5 percent, the largest gain since March.

Final demand goods

The index for final demand goods rose 0.9 percent in November, the largest increase since February 2024. Over 80 percent of this gain was driven by a 4.6 percent rise in energy prices. Food prices were unchanged, while goods excluding foods and energy increased 0.2 percent.

Notable contributors included a 10.5 percent surge in gasoline prices, along with increases in electric power, diesel fuel, fresh fruits and melons, jet fuel, and light motor trucks. Offsetting these gains were declines in prices for residual fuels (down 8.6 percent), beef and veal, and basic organic chemicals.

Final demand services

The index for final demand services was unchanged in September after falling 0.3 percent in August. A 0.8 percent rise in transportation and warehousing services and a 0.1 percent increase in services excluding trade, transportation, and warehousing offset a 0.2 percent decline in margins for trade services.

Key contributors included a 4.0 percent increase in airline passenger services, along with gains in food wholesaling, chemicals and allied products wholesaling, deposit services (partial), and furniture retailing. Declines were noted in margins for machinery and equipment wholesaling (down 3.5 percent), as well as in automobile retailing (partial), apparel and accessories retailing, portfolio management, and long-distance motor carrying.

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