August PPI
Updated: 10-Sep-25 09:20 ET





Highlights

• The index for final demand decreased 0.1% month-over-month in August (Briefing.com consensus: 0.3%) following a downwardly revised 0.7% increase (from 0.9%) in July.
• Excluding food and energy, the index for final demand was also down 0.1% month-over-month (Briefing.com consensus: 0.3%) following a downwardly revised 0.7% increase (from 0.9%) in July.
• On a year-over-year basis, the index for final demand was up 2.6%, versus 3.1% in July, while the index for final demand, excluding food and energy, was up 2.8%, versus 3.4% in July.

Key Factors

• The index for final demand goods rose 0.1% after ticking up 0.6% in July.
• The index for final demand services declined 0.2% after increasing 0.7% in July.
• The index for processed goods for intermediate demand moved up 0.4% following a 0.7% increase in July.
• The index for unprocessed goods for intermediate demand was down 1.1% following a 2.3% increase in July.

Big Picture

• The key takeaway from the report is that it will ease the market's angst about pass-through effects for consumers, especially with the index for final demand services sliding 0.2% month-over-month. The added takeaway is that this report will keep the market locked on its view that there will be at least 75 basis points of rate cuts by the Fed before the end of the year.

Category	AUG	JUL	JUN	MAY	APR
Final Demand	-0.1%	0.7%	0.1%	0.4%	-0.3%
Core (excluding ...)
Food and Energy	-0.1%	0.7%	0.0%	0.4%	-0.2%
Food, Energy, and Trade	0.3%	0.6%	0.1%	0.1%	-0.2%
Final Demand Goods
Total	0.2%	0.6%	0.3%	0.1%	0.0%
Energy	-0.4%	0.7%	1.1%	-0.4%	-0.3%
Finished Goods	0.1%	0.4%	0.5%	0.3%	-0.2%
Final Demand Services
Total	-0.2%	0.7%	-0.1%	0.5%	-0.3%
Trade	-1.7%	1.0%	-0.2%	1.5%	-0.2%
Intermediate Demand
Processed	0.4%	0.7%	0.1%	0.1%	0.3%
Unprocessed	-1.1%	2.3%	2.3%	-1.7%	-3.7%
Services	0.3%	0.7%	0.0%	0.1%	-0.3%