Wholesale prices rose faster than expected in January, according to the latest report from the Bureau of Labor Statistics.
The January producer price index (PPI) rose 0.5% from December 2025, while the core PPI, which excludes food and energy prices, rose 0.8% from the previous month. For the full year, the PPI found core wholesale prices rising 3.6% from January 2025.
The PPI is a measure of what producers get for final demand goods and services.
Goods prices among the four supply-chain stages were mixed in January, as they were in the delayed December 2025 PPI, released Jan. 30.
Stage 4 goods inputs, measuring the products purchased by industries primarily producing output sold to final demand—such as RV manufacturers—were flat in January after a 0.2% increase in December. Overall, Stage 4 intermediate demand in November rose 3.8% year-over-year.
Goods inputs for Stage 3 intermediate demand, measuring suppliers to Stage 4 producers such as RV manufacturers, fell 0.7% in January after a 0.6% decline in December. Overall, year-over-year Stage 3 demand in November rose 0.9%.
Goods inputs for Stage 2 intermediate demand, measuring suppliers to Stage 3 suppliers, rose 0.2% in January after a 2.9% increase in December. Overall, year-over-year Stage 2 intermediate demand fell 0.9%, the largest year-over-year decline since September 2024.
Finally, goods inputs for Stage 1 demand rose 0.7% in January after being flat in December. Overall, year-over-year Stage 1 intermediate demand rose 4%.
