Producer prices rise 1.3%, biggest monthly gain since 2022

The overall final-demand Producer Price Index rose 1.3% in September, its largest monthly increase since March 2022, the Bureau of Labor Statistics reported Oct. 15. The seasonally adjusted increase followed gains of 0.5% in August and 0.2% in July.

Over the 12 months through September, the unadjusted index climbed 6.3%, up from 5.6% in August. That was the largest annual increase since December 2022, when the rate was 6.4%. The monthly and annual figures use different calculations: the monthly change is seasonally adjusted, while the 12-month comparison is not.

Energy drove the goods increase

Goods prices rose 2.6% in September, more than three times the 0.8% increase for services. The goods increase was the largest since that series began in December 2009. The contrast shows that the overall rise was not evenly distributed across these broad categories.

The BLS attributed more than 80% of the increase in final-demand goods prices to energy. Energy prices rose 10.8%, while gasoline prices climbed 20.3% and accounted for half of the goods-price increase. These figures describe the contributions of energy and gasoline to the goods index; they do not establish what caused energy prices to rise.

A separate measure excluding foods, energy and trade services increased 0.5% in September, after rising 0.3% in August. It was up 5.0% over 12 months. Because it excludes those categories, it describes a different set of price changes from the overall index and does not include the steep rise in energy.

What the index measures

The PPI measures changes in prices received by sellers for domestically produced goods, services and construction. It tracks prices from the producer’s perspective, rather than the prices households pay at stores. The 1.3% figure applies to the overall final-demand index, which includes construction as well as goods and services; it is not a measure of what consumers paid.

The figures are aggregate measures and do not mean every producer, product or service had the same price change. The September increase documents a rise in producer-side prices, but does not establish whether, when or to what extent those changes will pass through to retail prices.

The BLS revised some figures from May through August to account for late reports and respondent corrections. The next scheduled PPI release, covering October 2026, is set for Nov. 13, 2026, at 8:30 a.m. Eastern.