January PPI: 0.5% MoM vs 0.3% MoM expected (above expectations)
Hot — headline PPI +0.5% MoM (vs +0.3% expected), driven by services costs surging. Core PPI +3.6% YoY. Tariff passthrough showing up in producer prices.
📊 Results
Actual Reading
Market Reaction
💡 Key Takeaway
Businesses passing tariff costs along. Services PPI drove the overshoot — biggest goods-ex-food-energy jump in 3.5 years. Pipeline inflation pointing hotter.
📖 Why This Matters
Producer prices: what businesses pay before they pass it all to you.
January PPI actual vs expected
| Release date | Friday, February 27, 2026 at 08:30 ET |
|---|---|
| Event type | PPI |
| Actual | 0.5% MoM |
| Expected | 0.3% MoM |
| Prior | 0.4% MoM |
| Expectation surprise | above expectations |
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FAQ
What was the January PPI result?
January PPI came in at 0.5% MoM versus 0.3% MoM expected, above expectations.
How did markets react to January PPI?
SPY -0.8%, bond yields jumped. Rate cut expectations pushed out to September.
🔗 Related Events
February PPI
Producer prices jumped 0.7% MoM in February, well above the 0.3% consensus. The yearly pace accelerated to 3.4%, showing pipeline inflation was heating up before second-round war effects fully hit.
March PPI
Producer prices rose 0.4% MoM in March, hotter than the 0.2% consensus, with headline PPI accelerating to 3.5% YoY and core measures staying sticky. The report reinforced the idea that pipeline inflation pressure was still building after the war-driven energy shock.
April PPI
April PPI shocked higher: final demand jumped 1.4% MoM versus 0.5% expected, while the annual rate accelerated to 6.0% from 4.3%. Services, trade margins, transportation, and energy all contributed, making the inflation scare broader than just gasoline.