#美国PPI数据高于预期 US PPI data for December 2025 exceeded expectations, rising by 0.5% month-on-month (previous value 0.2%), and increasing by 3% year-on-year; core PPI rose by 0.7% month-on-month (previous value 0%), and reached 3.3% year-on-year, all higher than market expectations. The breakdown shows that service costs have risen significantly, with trade profit margins experiencing the highest month-on-month increase since mid-2024, primarily driven by wholesale profit margins for machinery and equipment; although commodity prices remained stable overall due to a drop in energy, core commodities (such as home appliances and construction machinery) are still accelerating in price. Analysis indicates that companies are passing on tariff cost pressures through the supply chain, which may drive up consumer inflation in the coming months. Despite the Federal Reserve pausing interest rate cuts in December and emphasizing economic stability, PPI data may intensify market concerns about inflation persistence, affecting future interest rate decision-making paths.