美国PPI数据出炉：11月最终需求商品价格大涨 0.9%，汽油价格上升10.5%

Group 1 - The Producer Price Index (PPI) in the U.S. increased by 0.2% month-on-month and 3.0% year-on-year in November 2025, driven primarily by a significant rise in final demand goods prices, which surged by 0.9%, marking the largest increase since February 2024 [1] - Core PPI, excluding food, energy, and trade services, rose by 0.2% month-on-month and 3.5% year-on-year, indicating persistent inflationary pressures at the production level [1][2] - Energy prices saw a substantial increase of 4.6% month-on-month, contributing over 80% to the overall rise in goods prices, with gasoline prices soaring by 10.5% [1][2] Group 2 - Trade services profit margins decreased by 0.8%, while transportation and warehousing services prices increased by 0.3%, resulting in overall service prices remaining flat [2] - Processed goods prices rose by 0.6%, primarily driven by a 3.0% increase in processed energy goods prices, while unprocessed goods prices increased by 0.4%, marking the first rise since July [2] - The PPI data collection was delayed due to a federal government shutdown, but the response rate for the data released was within normal ranges, with no adjustments made to the statistical methods [2][3] Group 3 - The BLS plans to release updated PPI-related data and seasonal adjustment factors in February 2026, which will reflect current sales patterns more accurately based on 2017 input-output account data [3] - The recent PPI data indicates a moderate recovery in production-level inflation, with energy price fluctuations being a key variable to monitor for future Federal Reserve policy decisions [3]