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September PPI jumps 1.3%, biggest monthly gain since March 2022, far above expectations; core PPI up 0.5%
What happened
The U.S. producer-price index for final demand jumped 1.3% in September, the Bureau of Labor Statistics reported Thursday morning — the largest monthly advance since March 2022 and more than double the ~0.5-0.6% rise economists expected, following a 0.4% gain in August. On a 12-month basis, wholesale inflation accelerated to 6.3%, up from a revised 5.6% in August. The core PPI measure excluding food, energy and trade margins rose 0.5%, above the 0.3% forecast, indicating the heat was not just energy.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Broad market / S&P 500 and Nasdaq (higher-for-longer rates pressure valuations, especially growth and tech)
- Rate-sensitive and debt-funded AI infrastructure names (CoreWeave, Oracle, neoclouds — borrowing costs rise further on top of Wednesday's stress)
- Small caps / Russell 2000 (most rate-sensitive, fell 1.9% on the hot CPI day)
- Energy (relative beneficiary: pricing power and oil-linked revenues amid energy-driven wholesale inflation)