CONVEX
Past Release · PPI

September 2025 PPI Report

Monday, September 1, 2025

PPI printed at 150.25, a +0.61% move from the prior reading of 149.33.

Headline Reading
PPI Final Demand
150.25
Sep 1
Prior
149.33
Absolute
+0.92
Percent
+0.61%

What to Watch For

  • Headline PPI year-over-year
  • Core PPI (ex food and energy)
  • Services vs goods split
  • PCE-relevant components: healthcare, airfares, portfolio management
  • Raw materials prices
  • Prior-month revisions

Expected Market Reaction

Similar to CPI but with smaller magnitude on headline; outsized reaction when PCE-linkage components surprise. Hot PCE components: rates up, equities down. Cold PCE components: rates down, equities up.

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