The much softer reading here owes a lot to base effects, in particular the impact of energy prices. That is also the main reason for the drag on the year-on-year reading, which was 3.0% lower than January 2025. When energy prices are excluded, producer prices in January 2026 rose by 0.6% compared with December 2025. And compared to January 2025, producer prices rose by 1.2% when excluding the impact of energy prices.
Compared with December 2025, energy prices dropped by 3.2% on the month. And when paired against the same month from a year earlier, energy prices were down 11.8%. So, that is the biggest drag on the headline estimate.
Looking at the breakdown for other components, there were increases in the price for capital goods (+0.6%), durable consumer goods (+0.7%), and intermediate goods (+0.9%) on the month. And that was slightly offset by a drop in prices for non-durable consumer goods (-0.4%).
