That's the headline on the BLS PPI page.
From the Bureau of Labor Statistics, January 30:
PRODUCER PRICE INDEXES - DECEMBER 2025
The Producer Price Index for final demand increased 0.5 percent in December, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.2 percent in November and 0.1 percent in October. (See table A.) On an unadjusted basis, the index for final demand rose 3.0 percent in 2025 after moving up 3.5 percent in 2024.
The December increase in prices for final demand can be traced to a 0.7-percent advance in the index for final demand services. Prices for final demand goods were unchanged.
The index for final demand less foods, energy, and trade services moved up 0.4 percent in December, the eighth consecutive increase. Prices for final demand less foods, energy, and trade services rose 3.5 percent in 2025 following a 3.6-percent advance in 2024.
Final Demand
Final demand services: The index for final demand services advanced 0.7 percent in December, the largest increase since moving up 0.9 percent in July. Two-thirds of the broad-based December rise in prices for final demand services can be traced to a 1.7-percent jump in margins for final demand trade services. (Trade indexes measure changes in margins received by wholesalers and retailers.) The indexes for final demand services less trade, transportation, and warehousing and for final demand transportation and warehousing services also moved up, 0.3 percent and 0.5 percent, respectively.
Product detail: Over 40 percent of the December increase in prices for final demand services can be traced to a 4.5-percent rise in margins for machinery and equipment wholesaling. The indexes for guestroom rental; food and alcohol retailing; health, beauty, and optical goods retailing; portfolio management; and airline passenger services also advanced. Conversely, prices for bundled wired telecommunications access services fell 4.4 percent. The indexes for automotive fuels and lubricants retailing and for long-distance motor carrying also moved lower. (See table 2.)
Final demand goods: Prices for final demand goods were unchanged in December following a 0.8- percent increase in November. In December, a 0.4-percent advance in the index for final demand goods less foods and energy offset declines in prices for final demand energy and for final demand foods, which fell 1.4 percent and 0.3 percent, respectively.
Product detail: Within final demand goods in December, the index for nonferrous metals moved up 4.5 percent. Prices for residential natural gas, motor vehicles, soft drinks, and aircraft and aircraft equipment also increased. In contrast, the index for diesel fuel dropped 14.6 percent. Prices for gasoline, jet fuel, beef and veal, and iron and steel scrap also decreased....
....MUCH MORE, tables and discussion.
