FX.co ★ US Core PPI Holds Steady in January, Signaling Stable Underlying Producer Inflation

The United States’ Producer Price Index excluding food, energy, and transport (core PPI) was unchanged in January 2026, registering a month-over-month increase of 0.3%. This matches the revised 0.3% gain recorded in December 2025, indicating a steady pace of underlying producer price pressures at the start of the year.

On a month-over-month basis, the “actual” January figure reflects price changes relative to December 2025, while the “previous” reading shows December’s movement compared with November 2025. With both months showing the same 0.3% rise, the data suggest no acceleration or cooling in core producer inflation along this measure.

The latest update, published on 27 February 2026, will be watched by markets and policymakers as a gauge of pipeline inflation pressures, given that the measure strips out more volatile categories such as food, energy, and transport to focus on underlying cost trends faced by producers.