Producer prices in the United States surged 1.3% month-over-month in September 2026, marking the sharpest increase since March 2022, following Russia’s invasion of Ukraine, and the second-largest rise on record. The increase far exceeded market expectations of 0.5%, as a global energy shock driven by the war in the Middle East drove energy costs for US producers up 10.8% on the month, which in turn pushed up transportation (3.4%) and trade (1.4%) costs. Geopolitical tensions and adverse weather also drove food prices up 1.2%. The core PPI, which excludes food and energy, surged by 0.7%, while headline PPI rose 6.3% annually, the most since December of 2022.