Why is manufacturing PMI so high, but price growth is also happening?

Evidence(1)

1. 

   September manufacturing survey shows expansion and rising input costs

   [1]

   1 Oct 2026

   ISM released its September US manufacturing readings: the headline PMI was 54.5, while the separate prices-paid index was 77.9.

   1

   The readings can coexist because the headline tracks manufacturing conditions, while prices paid tracks the breadth of input-cost increases. Neither number is a percentage growth rate.

   See how this bears on the question