Supply-chain inflation rose in November on a monthly basis in line with economists’ expectations, but accelerated year over year, new government data shows.

The producer price index (PPI), which tracks wholesale prices for goods and services purchased directly from producers, revealed 0.2% growth from September to November, reversing a monthly decline in August in wholesale prices.

Wholesale inflation was 3% higher in November over the year compared to the revised 2.6% annual growth in August, but lower than the revised 3.2% increase recorded in July.

Wednesday’s report was initially scheduled for release by the U.S. Bureau of Labor Statistics (BLS) in mid-December but was delayed until mid-January due to the government shutdown lasting from Oct. 1 to Nov. 12.

The shutdown-delayed PPI report for September, published in mid-November, showed initial estimates of 2.7% annual growth, which BLS revised upward to 3% in Wednesday’s release. Though the PPI update for October was canceled, BLS published provisional estimates of 2.8% annual inflation for that month.

Much like the consumer price index (CPI), which BLS reported yesterday remained unchanged at 2.7% annual growth in November, the PPI contains an overall measure of changes in producer prices and a measure of less volatile food, energy and trade sectors.

That latter “core” PPI reading matched the all-categories reading at 0.2% monthly growth in November but came in 3.5% higher over the year compared to 3% growth in the total index.

Wholesale goods inflation continued to trend higher, rising 0.9% over the two-month period, the largest increase since February 2024, according to BLS. However, more than 80% of that rise can be attributed to the energy index, which rose 4.6% in November. The goods index less food and energy advanced just 0.2%.

Wholesale services inflation, meanwhile, was unchanged in November after rising 0.3% in October. The core services index less trade, transportation and warehousing rose 0.3%.