US producer prices rise 6.5% in a year, the most since 2022

What happened. On November 13 the BLS released producer price data for October 2026. The final demand index rose 0.3% on the month, seasonally adjusted. In September it rose 1.4%. Before seasonal adjustment, prices were up 6.5% over 12 months. The only bigger rise was in November 2022, at 7.4%.

What got pricier. Goods rose 0.5% on the month and 10.2% on the year. Food rose 1.3% on the month. Services rose 0.2%, a fifth monthly gain in a row. Over 80% of the services rise came from truck freight, up 3.9%.

What got cheaper. Energy barely moved: down 0.1% on the month after a big jump in September. Diesel fell 7.9%.

Core prices. Without food, energy and trade margins, prices rose 0.5% on the month, the same as in September, and 4.9% on the year. StockTitan says economists expected 0.3%. The measure without food and energy rose 0.3%, in line with forecasts.

Background. The same day, US Treasury Secretary Scott Bessent told CNBC the Fed should see the price rise as an energy supply shock. In his view, hiking too much into such a shock is not needed. He added that he is not telling the Fed what to do.

Confirmed facts

• The US producer price index for final demand rose 0.3% in October 2026, seasonally adjusted, after 1.4% in September.^[1][2]
• Over 12 months, before seasonal adjustment, prices rose 6.5%, the biggest rise since November 2022, when it was 7.4%.^[1]
• The Dow Jones consensus expected 0.4% on the month and 6.6% on the year.^[3]
• Goods rose 0.5% on the month and 10.2% on the year, services 0.2% on the month.^[1]
• Truck freight prices rose 3.9% and made up over 80% of the rise in services prices.^[1]
• Energy fell 0.1% on the month, diesel fell 7.9%, food rose 1.3%.^[1]
• Without food, energy and trade services, prices rose 0.5% on the month and 4.9% on the year.^[1][3]
• Bessent to CNBC: "I think the Fed should understand that this is an energy supply shock" and "I'm not going to tell the Fed what to do."^[4]
• The next Fed rate meeting is set for December 8-9.^[5]

Implications

• ConfirmedYearly producer price growth sped up to 6.5% from 6.3% in September.
• Our readingFast producer price growth may later pass through to consumer prices.
• Our readingThe data does not settle the question of a Fed hike in December.

Still unknown

• How fast pricier freight will show up in shop prices.
• Whether the Fed will raise rates on December 9.

Who it affects

USA, World. People holding dollars, US stocks or crypto and following the Fed rate

Sources

1. U.S. Bureau of Labor Statistics: Producer Price Index News Release, October 2026 November 13, 2026 · official
2. Federal Reserve Bank of St. Louis (FRED): Producer Price Index by Commodity: Final Demand (PPIFIS) November 13, 2026 · official
3. StockTitan: PPI Report Shows Producer Prices Rose Only 0.3%, Less Than Expected, and 6.5% Over a Year November 13, 2026 · media
4. Reuters via The Standard: US Treasury chief says Fed should not hike rates over energy shock tied to Iran war November 13, 2026 · media
5. Investing.com: Bessent urges Fed caution on raising rates amid energy supply shock November 13, 2026 · media