The U.S. Producer Price Index excluding food, energy, and transport — a key gauge of underlying pipeline inflation — ticked up to 3.5% year-over-year in February 2026, from 3.4% in January 2026. The data, updated on 18 March 2026, highlight a modest but persistent firming in core producer prices.
Both the current and previous readings are measured against the same month a year earlier, meaning February’s 3.5% pace reflects how much prices have risen compared with February of the prior year, while January’s 3.4% figure was measured against January a year earlier. The slight acceleration suggests that core cost pressures at the producer level remain elevated, which could keep attention focused on inflation dynamics and their potential implications for monetary policy and corporate margins.
