Wholesale Inflation by Country: US, Japan, China, Europe

What is wholesale inflation, and where is it highest now?

Wholesale inflation is the rise in prices that producers receive from other businesses, and among the large economies covered here it is highest in Turkey (27.41%) and the euro area (11.1%) in the latest data ^[6][8]. Statisticians call it producer price inflation. It is measured by a producer price index (PPI), or in Japan by the corporate goods price index (CGPI) ^[1][3].

Each country measures something slightly different. The US PPI measures the selling prices domestic producers receive for their output, and its final-demand index covers goods, services and construction ^[1]. Eurostat's index covers industrial products sold on the domestic market, excluding imports ^[6]. China's index reflects producer prices for products when industrial enterprises sell them for the first time ^[5]. Comparing them is useful for direction and scale, but a one-point difference between two countries should not be over-read.

Timing also differs. US, Japanese, Chinese and Turkish figures for October were published between 3 and 13 November 2026, while the latest euro-area figures, published on 5 November, are for September ^{[1][3][5][6][8]}.

The table below gathers the latest annual rates, each from the official release, as of 15 November 2026, 03:45 UTC.

Why did US wholesale inflation hit 6.5%?

US final-demand producer prices rose 0.3% in October 2026 (seasonally adjusted) and 6.5% over 12 months, the Bureau of Labor Statistics reported on 13 November ^[1]. CNBC noted that the annual rate is the highest since November 2022 and that the monthly rise was slightly below the 0.4% forecast ^[2].

Goods led the increase. Final-demand goods prices rose 0.5% in October and services 0.2% ^[1]. Over 12 months, the goods index jumped 10.2%, its biggest rise since October 2022, according to CNBC ^[2]. Core PPI, which excludes food and energy, rose 0.3%, in line with expectations ^[2].

The figure matters for interest rates. CNBC reported on 13 November that markets were pricing in a Federal Reserve rate increase at the meeting on 8 and 9 December ^[2]. The next US PPI, for November, is scheduled for 15 December 2026 at 8:30 a.m. Eastern Time ^[1].

The full breakdown of the US report, including intermediate demand, is in the Pouyam guide US PPI October 2026: What 6.5% Wholesale Inflation Means.

Why are Japan's corporate goods prices rising?

The Bank of Japan's corporate goods price index rose 0.7% in October 2026 and 7.1% year on year, to 136.8 (2020 = 100), according to preliminary figures published on 12 November ^[3]. Nikkei reported that the annual rate was 0.3 points higher than in September and 0.6 points above private-sector forecasts ^[4].

Fuel and materials drove the rise. Petroleum and coal products rose 15.9% and chemicals 15.5% year on year ^[3]. Nikkei linked the renewed rise in crude oil since the summer to the prolonged military conflict between the United States and Iran ^[4]. Nonferrous metals rose 31.7%, which Nikkei tied to higher prices for copper and other materials used in data centres ^[3][4].

Imports are a large part of the story. Import prices in yen terms rose 24.8% year on year in October ^[3]. Of 515 items the Bank of Japan tracks, 469 were more expensive than a year earlier ^[4].

A detailed explanation is in the Pouyam guide Japan Corporate Goods Prices: Why They Rose 7.1% in October.

Why are producer prices rising so fast in Europe?

Euro-area industrial producer prices rose 2.5% in September 2026 alone and 11.1% compared with September 2025, mainly because of energy, Eurostat reported on 5 November ^[6]. Energy prices were 30.8% higher than a year earlier, while prices excluding energy rose 3.5% ^[6]. Prices for non-durable consumer goods at the producer stage were 0.6% lower than a year before ^[6].

The rise varies widely between countries. Among the largest economies, annual producer price inflation in September was 6.7% in Germany, 6.8% in France, 17.4% in Italy and 18.3% in Spain ^[6]. The highest rates were in Bulgaria (22.9%), Ireland (19.9%) and Lithuania (19.0%) ^[6].

Germany's statistics office, Destatis, said the 6.7% rise was the strongest since March 2023 and attributed it mainly to energy, up 14.9% ^[7]. Destatis wrote that, because of the fighting in Iran and the Middle East, prices for mineral oil products were 51.3% higher than a year earlier ^[7]. Excluding energy, German producer prices rose 3.2% ^[7].

What is happening to producer prices in China and Turkey?

China's producer price index rose 5.7% year on year and 0.7% month on month in October 2026, and Turkey's Yİ-ÜFE rose 27.41% year on year, according to the latest official releases ^[5][8].

In China, the increase is concentrated in raw materials. The National Bureau of Statistics reported that prices for means of production rose 7.4%, with mining and quarrying up 27.9%, while consumer goods prices at the factory gate fell 0.1% ^[5]. The purchasing price index, which measures what producers pay for inputs, rose 7.9%, and fuel and power inputs rose 18.6% ^[5]. From January to October, producer prices were on average 2.7% higher than a year earlier ^[5].

In Turkey, producer prices rose 1.65% in October, according to the Presidency's Strategy and Budget Office summary of the official statistics ^[8]. The annual rate of 27.41% is below consumer inflation, which stood at 29.77% in October ^[8]. Energy prices at the producer level were 33.42% higher than a year earlier, and intermediate goods 28.66% ^[8].

Turkey's case shows why the level of wholesale inflation depends on the starting point: a country with high general inflation starts from a high baseline, and the energy shock comes on top of it.

Why is energy pushing producer prices up everywhere?

Energy or fuel prices stand out in every release covered here, and oil, gas and electricity feed into almost everything factories make and ship ^[2][4][6][7].

The numbers line up across regions. Energy producer prices rose 30.8% in the euro area in September ^[6] and 14.9% in Germany ^[7]. In Japan, petroleum and coal products rose 15.9% in October ^[3]; in China, fuel and power input prices rose 18.6% ^[5]; in Turkey, producer energy prices rose 33.42% ^[8].

An official statistics office and a major newspaper connect the oil rise to the conflict involving Iran: Destatis cites the fighting in Iran and the Middle East ^[7], and Nikkei cites the prolonged US–Iran military conflict ^[4]. Metals are a second, separate driver: Japan's nonferrous metals index rose 31.7%, which Nikkei linked to demand from data centres ^[3][4].

For how data-centre demand is also affecting computer parts, see the Pouyam guide RAM Shortage: Why Prices Are Soaring Because of AI Data Centers.

Does wholesale inflation mean higher consumer prices?

Often, but with a delay and not one for one: producer prices measure business-to-business sales, and companies may absorb part of a cost rise or pass it on over months ^[1][6]. Turkey's figures show that the two measures can diverge: in October 2026, consumer inflation (29.77%) was higher than producer inflation (27.41%) ^[8].

Signs of pass-through differ by place. In the euro area, producer prices for non-durable consumer goods were still 0.6% lower than a year earlier in September ^[6], and in China consumer goods prices at the factory gate fell 0.1% in October ^[5]. In Japan, Nikkei reported that higher utility charges, after subsidies for electricity and gas were reduced, pushed electricity, gas and water prices up 15.8% ^[4].

Central banks watch these numbers. In the United States, markets were pricing a December rate increase after the October data ^[2]. This page reports official statistics and does not give investment, loan or savings advice; decisions depend on personal circumstances. For how a rate decision affects loans and savings, see the Pouyam guide Fed Rate Decision Explained: What the October 2026 Hold Means for Loans and Savings.

How do I read a producer price index release?

Look at three things first: the annual rate, the monthly rate and the core or ex-energy figure, then check the date and the base of the index ^[1][3][6].

1. Annual rate: the change compared with the same month a year earlier, such as 6.5% for the US in October ^[1].
2. Monthly rate: the change from the previous month, such as 0.7% for Japan and China in October ^[3][5]. It shows momentum but is noisier.
3. Ex-energy or core: euro-area prices excluding energy rose 3.5%, far below the 11.1% headline, which tells you most of the rise came from energy ^[6].
4. Preliminary or final: Japan's October figures are preliminary and can be revised ^[3]; US figures are preliminary when first published and can be revised ^[1].
5. What is covered: some indexes include services (the US final-demand PPI), others only industrial goods (Eurostat, China) ^[1][5][6].

Always use the official release for the number you quote, and quote the month the data refers to, not the day it was published.