Report Finds Supply Chain Pricing Down

A picture of a graphic depicting inflation with an upwards arrow

The Bureau of Labor Statistics reported Friday that wholesale prices overall rose more than expected in November.

However, for the first time since at least 2020, all four supply-chain stages leading to final production showed price declines in the month. Although year-over-year wholesale prices throughout the supply chain rose, the monthly decline across all four stages could be a sign of wholesale inflation finally having peaked.

The producer price index (PPI), a measure of the prices that companies get for finished goods in the marketplace increased 0.3% for the month and 7.4% from a year ago. Economists surveyed by Dow Jones had been looking for a 0.2% gain.

Goods inputs for Stage 4 intermediate demand, measuring the products purchased by industries primarily producing output sold to final demand, such as RV manufacturers, fell 0.3% in November after falling 0.2% in October. Year-over-year Stage 4 demand rose 6.9%, down from 7.7% in September.

Goods inputs for Stage 3 intermediate demand, measuring suppliers to Stage 4 producers such as RV manufacturers fell 0.9% in November after falling 1.5% in October. Overall, year-over-year demand rose 8.4%, down from 9.1% in October and 10.8% in September.

The most significant change came in Stage 2 intermediate demand. Goods inputs for suppliers to Stage 3 suppliers saw prices fall 3.4% in November after a sharp 10.9% decline in October. Overall, Stage 2 intermediate demand rose just 3.8% year-over-year, down from 7.3% in October and well below the 20.4% increase registered in August.

Finally, goods inputs for Stage 1 demand fell 1.2% in November after a 0.3% decline in October. Overall, demand rose 7.6% year-over-year, down from 9.2% in September.

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