US PPI: what producer prices show and how they move the dollar

US PPI, the producer price index, measures the average change in the prices that American producers receive for what they sell. It moves the dollar less than CPI, and it matters mostly for what it adds to the inflation picture, above all the parts that feed into the Fed's PCE measure.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

US PPI in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: U.S. Bureau of Labor Statistics
When: Monthly, usually around the middle of the month, at 8:30 in the morning New York time. That is 14:30 in Amsterdam for most of the year, and 13:30 in the few weeks when the US and Europe have changed their clocks on different dates.
Currency: US dollar (USD)
Impact: Medium: it moves the currency when it surprises
The line read first: Final demand PPI month on month, then the core line without foods, energy and trade services
What it measures: Selling prices received by domestic producers, not prices paid by consumers
Covers: The month before, so the October release holds September's prices

What is in the US PPI report

The Bureau of Labor Statistics measures the average change over time in the selling prices received by domestic producers for their output. The headline is the index for final demand, published as a change on the month, seasonally adjusted, and on the year.

Final demand is split into goods and services. Services include trade services, which measure the margins that wholesalers and retailers earn rather than the price of the goods themselves.

The core line in the release leaves out foods, energy and trade services. Those three swing with harvests, the oil price and shop margins, so what is left is a steadier read on the trend.

Why US PPI moves the dollar

Producer prices can be an early sign of what consumers will pay later, but the link is loose, and the market treats PPI as a second-tier release. It moves the dollar most when it lands far from the forecast or backs up a surprise in CPI.

Its bigger role is in PCE, the measure the Fed's 2% target is set on. Most PCE prices are built from consumer and producer price indexes, and some parts, airfares among them, come from PPI rather than CPI. Economists update their PCE estimate on the morning PPI comes out.

How to read US PPI against the forecast

Start with final demand month on month, then the core line, each against its forecast. A hot figure driven by energy or by trade margins tends to fade, because margins swing from month to month.

Then look past the headline at the parts that feed into PCE. A soft PPI can still push the core PCE estimate up if those parts rose, and that is what the dollar ends up trading.

Earlier months are revised as late reports and corrections come in. Check last month's figure as well as the new one.

What the US dollar did on the last release days

Our calendar keeps the exact time of each release since 16 September 2026. The first US PPI after that date will show here with the US dollar's move around it.

For scale: on an ordinary day the US dollar moves 0.23% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about US PPI

What time is US PPI released?

At 8:30 in the morning New York time. That is 14:30 in Amsterdam for most of the year, and 13:30 in the weeks when the US and Europe change their clocks on different dates.

What is the difference between PPI and CPI?

PPI measures the prices that producers receive for what they sell; CPI measures the prices that consumers pay. Both come from the Bureau of Labor Statistics, and CPI moves the dollar more because it is the direct read on consumer inflation.

What is core PPI?

The core line in the BLS release is final demand less foods, energy and trade services. It leaves out the parts that swing most, so it says more about the trend than the headline does.

Does PPI affect PCE inflation?

Yes. Most PCE prices are built from consumer and producer price indexes, and some parts, such as airfares, come from PPI. That is why the market updates its PCE estimate on the morning PPI comes out.