January 2026 Producer Price Index Summary

Note: This section contains information in English only.
Source: Dukascopy Bank SA
In January 2026, wholesale inflation in the U.S. rose, with the Final Demand PPI increasing 0.5% for the month and 2.9% over the past year. Core PPI, which excludes food, energy, and trade services, rose 0.3%, marking nine consecutive months of increases. The main driver was services, which jumped 0.8%, led by higher trade margins, particularly in professional and commercial equipment wholesaling, along with gains in apparel, chemicals, and telecommunications, though system software publishing prices fell sharply.



Goods overall declined 0.3%, as energy dropped 2.7% and food fell 1.5%, although core goods excluding food and energy rose 0.7% due to a surge in search and navigation systems. Business-to-business prices showed processed goods unchanged, unprocessed goods down 0.5% from falling raw milk and corn prices, and services up 0.3%, driven by chemical wholesaling. A late 2025 federal government shutdown delayed data collection, pushing the February PPI release to March 18, 2026, and the BLS updated seasonal adjustments and weights using 2017 data, slightly revising 2025 figures. Overall, food and energy provided some relief, but persistent service cost increases, especially in wholesale trade margins, kept overall inflation elevated.
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