Wholesale goods prices throughout the supply chain were higher in November, according to the latest report from the Bureau of Labor Statistics.
BLS reported mixed goods prices in October among the four supply-chain stages tracked by the bureau. The October producer price index (PPI) was not released as expected in December because of delays caused by the fall federal government shutdown.
The overall PPI rose 0.2% in November from October, below the Dow Jones analysts’ consensus for a 0.3% gain. The PPI was up 3% from a year ago, well ahead of the Federal Reserve’s 2% target. The core PPI, which excludes food, energy and trade services, rose 3.5% year-over-year, the biggest 12-month move since March 2025.
A 0.9% gain in goods prices fueled much of the PPI increase.
Stage 4 goods inputs, measuring the products purchased by industries primarily producing output sold to final demand—such as RV manufacturers—rose 0.1% in October and 0.5% in November. Overall, Stage 4 intermediate demand in November rose 3.5% year-over-year, the largest year-over-year increase since February 2023.
Goods inputs for Stage 3 intermediate demand, measuring suppliers to Stage 4 producers such as RV manufacturers, fell 1.5% in October and were flat in November. Overall, year-over-year Stage 3 demand in November rose 1.8 percent.
Goods inputs for Stage 2 intermediate demand, measuring suppliers to Stage 3 suppliers, fell 0.6% in October, the third consecutive month of declines. In November, goods inputs rose 0.6%. Overall, year-over-year Stage 2 intermediate demand rose 1%.
Finally, goods inputs for Stage 1 demand fell 0.2% in October before rising 0.4% in November. Overall, year-over-year Stage 1 intermediate demand in November rose 3.7%, the largest year-over-year increase since February 2023.
