October PPI Rises 0.3%; 12-Month Rate Hits 6.5%, Most Since 2022
Producer prices for final demand rose 0.3% in October after 1.4% in September, BLS said Nov. 13. They were up 6.5% from a year earlier, the most since 2022.
Why it matters
- The Producer Price Index for final demand rose 0.3% in October, seasonally adjusted, after a revised 1.4% in September, the Bureau of Labor Statistics said Friday, Nov. 13.
- Unlike the October CPI, the PPI release includes 12-month changes. Final demand prices rose 6.5% over the year to October, the largest 12-month rise since 7.4% in November 2022, and the core measure rose 4.9%.
- Goods prices rose 0.5% and services 0.2%. Food rose 1.3% and energy slipped 0.1%, while transportation and warehousing services jumped 2.0%.
Data Brief: a summary of published data, with our notes on what it shows.
U.S. producer prices for final demand rose 0.3% in October on a seasonally adjusted basis, the Bureau of Labor Statistics said Friday, Nov. 13, after a 1.4% rise in September and 0.4% in August. Before seasonal adjustment, final demand prices were up 6.5% from a year earlier, the largest 12-month rise since November 2022.
BLS revised data for June through September to reflect late reports and corrections, so September's gain is now 1.4%, up from the 1.3% first reported.
What did the October PPI show?
| PPI, final demand (seasonally adjusted) | October | September (revised) |
|---|---|---|
| Final demand | +0.3% | +1.4% |
| Goods | +0.5% | — |
| Foods | +1.3% | — |
| Energy | -0.1% | — |
| Goods less foods and energy | +0.5% | — |
| Services | +0.2% | — |
| Trade services (margins) | -0.2% | — |
| Transportation and warehousing | +2.0% | — |
| Services less trade, transportation and warehousing | +0.2% | — |
| Less foods, energy and trade services (core) | +0.5% | — |
Source: BLS Producer Price Index, October 2026, Nov. 13. A dash means we did not take a revised September figure for that line from the release.
More than 60% of the October rise in goods came from goods less foods and energy, BLS said. Diesel fuel prices fell 7.9%. Three-fourths of the services gain traced to the 2.0% rise in transportation and warehousing.
Did BLS publish 12-month PPI changes for October?
Yes. For the 12 months ended in October, final demand rose 6.5%, final demand goods 10.2% and the core measure excluding foods, energy and trade services 4.9%, BLS said. In September, the 12-month figures were 6.3% for final demand and 5.0% for core, BLS reported Oct. 15.
That differs from the October Consumer Price Index. BLS did not publish 12-month CPI changes for all items or core because it did not collect October 2025 CPI survey data during a lapse in appropriations. The October CPI rose 0.4% on the month and core 0.3%; see our October CPI report.
What does October PPI mean for the Fed?
Producer prices kept rising in October, though more slowly than in September. The Fed held its target range at 3.75% to 4% on Oct. 28 and said "inflation remains elevated." Its last 2026 meeting is Dec. 8–9; see the FOMC meeting schedule for 2026 and 2027. Treasury yields rose this week, with the 10-year closing at 5.10% on Nov. 12; see our 10-year Treasury yield today page.
BLS will release November PPI on Tuesday, Dec. 15, at 8:30 a.m. ET.
Sources
- U.S. Bureau of Labor Statistics, Producer Price Index – October 2026 (Nov. 13, 2026)
- U.S. Bureau of Labor Statistics, Producer Price Index – September 2026 (Oct. 15, 2026)
- U.S. Bureau of Labor Statistics, Consumer Price Index – October 2026 (Nov. 10, 2026)
- Federal Reserve, FOMC statement, Oct. 28, 2026 and FOMC meeting calendars (accessed Nov. 13, 2026)
- U.S. Treasury, daily par yield curve rates, 2026 (accessed Nov. 13, 2026; latest row Nov. 12)
