U.S. Wholesale Inflation Flatlined in November - Modern Distribution Management

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U.S. Wholesale Inflation Flatlined in November

Core PPI edged up for a sixth straight month, while overall wholesale inflation continued its deceleration.
warehouse worker driver in uniform delivery and loading cardboxes by forklift stacker loader

U.S. wholesale prices continued their disinflation run in November, with the Labor Department’s latest Producer Price Index showing that key indexes that measure inflation before it reaches consumers trended closer toward breakeven.

Released Dec. 13, the department’s Bureau of Labor Statistics November Producer Prices Indexes report showed that the index for final demand was unchanged in November month-to-month, after increasing 0.4% in both October and September. 

Meanwhile, November’s final demand index increased 0.9% year-over-year, a continued deceleration from October’s 1.2%, September’s 2.0% and August’s 1.9%.

For context, November 2022’s final demand index was up 7.4% year-over-year. 

CPI: November Consumer Inflation Slowed to 3.1% Annual Gain (Dec. 12)

In November 2023, the indexes for both final demand goods and final demand services were unchanged from October.

Core PPI — which removes foods, energy and trade services — edged up 0.1% in November month-to-month for its sixth consecutive increase. That follows advances of 0.1% in October, 0.3% in September and 0.2% in August. Year-over-year, core PPI rose 2.5% in November, decelerating from 2.8% in October, 2.9% in September and 2.9% in August.

For much more monthly wholesale information, check out Executive Editor Mike Hockett’s Dec. 11 Premium article recapping the U.S. Census Bureau’s latest wholesale trade report data.

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