美国9月PPI环比上涨0.3%，能源成本上升推动通胀抬头

Core Insights - The Producer Price Index (PPI) in the U.S. rose by 0.3% month-over-month in September, indicating a resurgence of inflation driven primarily by increases in energy and food prices [1] - Year-over-year, the PPI increased by 2.7%, slightly above the expected 2.6% [1] - The core PPI, excluding food and energy, rose by 0.1% month-over-month, below the expected 0.2% increase, and showed a year-over-year increase of 2.6%, marking the lowest growth since July 2024 [2] Price Trends - Wholesale prices for goods increased by 0.9% in September, with 60% of this increase attributed to rising gasoline costs [4] - Energy price fluctuations continue to be a major driver of wholesale inflation, while service costs remained flat month-over-month after a decline in August [4] - Within the service category, there was a decline in profit margins for machinery and equipment wholesalers, while food wholesalers saw an increase in profit margins [4] Market Dynamics - The report highlights a divergence in pricing power and cost transmission across different service industries, suggesting that companies may be limiting price increases to avoid losing customers amid rising costs [5] - Businesses are reportedly cautious about raising prices significantly due to concerns over customer retention, especially in the context of higher import tariffs [5]