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Economic News Release
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Producer Price Index News Release summary

Transmission of material in this release is embargoed until                          USDL 24-0487
8:30 a.m. (ET) Thursday, March 14, 2024

Technical information:      (202) 691-7705  *  ppi-info@bls.gov  *  www.bls.gov/ppi
Media contact:              (202) 691-5902  *  PressOffice@bls.gov   


                             PRODUCER PRICE INDEXES - FEBRUARY 2024


The Producer Price Index for final demand rose 0.6 percent in February, seasonally adjusted, the 
U.S. Bureau of Labor Statistics reported today. Final demand prices increased 0.3 percent in 
January and edged down 0.1 percent in December 2023. (See table A.) On an unadjusted basis, 
the final demand index advanced 1.6 percent for the 12 months ended in February, the largest 
rise since moving up 1.8 percent for the 12 months ended September 2023.

In February, nearly two-thirds of the rise in final demand prices can be traced to the index for 
final demand goods, which advanced 1.2 percent. Prices for final demand services moved up 0.3 
percent.

The index for final demand less foods, energy, and trade services increased 0.4 percent in 
February after rising 0.6 percent in January. For the 12 months ended in February, prices for 
final demand less foods, energy, and trade services moved up 2.8 percent.

Final Demand

Final demand goods: Prices for final demand goods advanced 1.2 percent in February, the largest 
increase since moving up 1.7 percent in August 2023. Nearly 70 percent of the broad-based rise in 
February can be attributed to the index for final demand energy, which jumped 4.4 percent. Prices for 
final demand goods less foods and energy and for final demand foods also increased, moving up 0.3 
percent and 1.0 percent, respectively.

Product detail: One-third of the February advance in the index for final demand goods can be traced 
to a 6.8-percent increase in prices for gasoline. The indexes for diesel fuel, chicken eggs, jet fuel, 
beef and veal, and tobacco products also rose. Conversely, prices for hay, hayseeds, and oilseeds 
decreased 8.3 percent. The indexes for iron and steel scrap and for asphalt also fell. (See table 2.)

Final demand services: Prices for final demand services moved up 0.3 percent in February after 
rising 0.5 percent in January. Leading the February increase, the index for final demand services less 
trade, transportation, and warehousing advanced 0.5 percent. Prices for final demand transportation 
and warehousing services rose 0.9 percent. In contrast, margins for final demand trade services 
declined 0.3 percent. (Trade indexes measure changes in margins received by wholesalers and 
retailers.)

Product detail: A quarter of the February increase in the index for final demand services can be 
attributed to a 3.8-percent rise in prices for traveler accommodation services. The indexes for 
outpatient care (partial); airline passenger services; loan services (partial); securities brokerage, 
dealing, and investment advice; and alcohol retailing also moved up. Conversely, margins for 
chemicals and allied products wholesaling fell 6.4 percent. The indexes for automobiles and parts 
retailing and for services related to securities brokerage and dealing (partial) also decreased. 

Table A. Monthly and 12-month percent changes in selected final demand price indexes, seasonally adjusted
Month Total
final
demand
Final
demand
less
foods,
energy,
and
trade
Final demand goods Final demand services Change
in final
demand
from 12
months
ago
(unadj.)
Change
in final
demand
less
foods,
energy,
and
trade
from 12
mo. ago
(unadj.)
Total Foods Energy Less
foods
and
energy
Total Trade Transportation
and
warehousing
Other

2023

Feb.

0.0 0.3 -0.6 -2.3 -1.7 0.3 0.2 -0.1 -0.6 0.5 4.7 4.5

Mar.

-0.4 0.1 -0.8 0.3 -4.6 0.2 -0.2 -0.7 -0.7 0.1 2.7 3.7

Apr.

0.2 0.2 -0.1 -0.7 -0.1 0.1 0.3 0.5 -2.2 0.5 2.3 3.4

May

-0.2 0.0 -1.2 -0.8 -5.4 0.1 0.2 0.7 -0.7 0.1 1.1 2.9

June

0.0 0.2 -0.1 -0.4 0.4 -0.1 0.0 -0.8 -0.3 0.5 0.3 2.9

July

0.6 0.2 0.2 0.3 0.8 0.0 0.8 1.7 0.2 0.4 1.1 2.9

Aug.

0.6 0.2 1.7 -0.4 8.9 0.1 0.2 -0.1 0.0 0.3 1.9 2.9

Sept.

0.2 0.3 0.9 0.4 3.2 0.3 -0.1 -1.1 0.4 0.3 1.8 2.9

Oct.(1)

-0.3 0.1 -1.2 0.2 -6.4 0.1 0.1 0.0 0.5 0.1 1.1 2.8

Nov.(1)

0.0 0.1 -0.2 0.7 -2.0 0.1 0.2 0.5 -0.2 0.1 0.8 2.5

Dec.(1)

-0.1 0.3 -0.1 0.0 -0.8 0.1 0.0 -1.0 -0.2 0.4 1.1 2.7

2024

Jan.(1)

0.3 0.6 -0.1 -0.3 -1.1 0.3 0.5 0.1 -0.2 0.8 1.0 2.7

Feb.

0.6 0.4 1.2 1.0 4.4 0.3 0.3 -0.3 0.9 0.5 1.6 2.8

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for October 2023 through January 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in February, prices for processed goods rose 1.6 percent, the index for 
unprocessed goods increased 1.2 percent, and prices for services edged up 0.1 percent. (See tables B 
and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate 
demand advanced 1.6 percent in February, the largest rise since moving up 2.0 percent in August 
2023. Three-fourths of the broad-based increase in February can be traced to prices for processed 
energy goods, which jumped 6.2 percent. The indexes for processed materials less foods and energy 
and for processed foods and feeds also rose, 0.5 percent and 0.3 percent, respectively. For the 12 
months ended in February, prices for processed goods for intermediate demand declined 1.8 percent.

Product detail: Over 40 percent of the February increase in the index for processed goods for 
intermediate demand is attributable to a 15.9-percent jump in prices for diesel fuel. The indexes for 
gasoline, commercial electric power, basic organic chemicals, jet fuel, and natural gas to electric 
utilities also moved higher. In contrast, prices for prepared animal feeds fell 2.3 percent. The indexes 
for asphalt and for inedible fats and oils also decreased. 

Unprocessed goods for intermediate demand: In February, the index for unprocessed goods for 
intermediate demand moved up 1.2 percent following a 1.4-percent advance in January. Leading the 
February increase, prices for unprocessed energy materials rose 3.6 percent. The index for 
unprocessed foodstuffs and feedstuffs climbed 0.8 percent. Conversely, prices for unprocessed 
nonfood materials less energy fell 1.9 percent. For the 12 months ended in February, the index for 
unprocessed goods for intermediate demand dropped 8.3 percent. 

Product detail: A major factor in the February increase in prices for unprocessed goods for 
intermediate demand was a 7.5-percent rise in the index for crude petroleum. Prices for livestock, 
ungraded chicken eggs, slaughter chickens, raw cotton, and fresh vegetables (except potatoes) also 
moved higher. In contrast, the index for iron and steel scrap decreased 4.4 percent. Prices for grains 
and for natural gas also fell.

Table B. Monthly and 12-month percent changes in selected intermediate demand price indexes for goods by commodity type, seasonally adjusted
Month Processed goods for intermediate demand Unprocessed goods for intermediate demand
Total Foods
and
feeds
Energy
goods
Less
foods
and
energy
Total,
change
from 12
months
ago
(unadj.)
Total Foodstuffs
and
feedstuffs
Energy
materials
Nonfood
materials
less
energy
Total,
change
from 12
months
ago
(unadj.)

2023

Feb.

-0.4 -1.9 -1.8 0.2 2.1 -5.2 -1.3 -10.9 -0.6 -10.4

Mar.

-0.8 -0.2 -3.1 -0.2 -1.0 -4.6 -0.6 -11.1 -0.6 -16.8

Apr.

-0.7 -1.3 -3.4 0.2 -3.4 0.6 -2.2 3.7 1.0 -20.3

May

-1.4 -1.3 -5.9 -0.1 -7.2 -4.9 -4.1 -8.0 -1.7 -28.2

June

-0.5 -1.3 -0.6 -0.4 -9.4 -1.2 0.3 -2.8 -1.4 -32.1

July

-0.3 1.0 -0.2 -0.5 -7.6 2.5 -0.8 10.1 -2.9 -24.1

Aug.

2.0 0.6 11.2 -0.2 -4.4 2.1 -0.1 6.0 -0.2 -26.2

Sept.

0.5 0.7 2.1 0.0 -3.7 2.9 1.2 6.8 -0.4 -21.5

Oct.(1)

-1.0 -0.2 -4.3 -0.1 -4.6 -1.6 -2.1 -2.1 0.0 -14.8

Nov.(1)

-0.7 -0.5 -2.5 -0.2 -4.6 -2.1 -0.4 -5.4 0.7 -14.0

Dec.(1)

-0.4 0.1 -2.8 0.1 -2.8 -4.2 -3.3 -8.0 0.4 -18.8

2024

Jan.(1)

-0.1 -1.6 -0.9 0.3 -3.7 1.4 -1.5 6.4 -1.8 -13.8

Feb.

1.6 0.3 6.2 0.5 -1.8 1.2 0.8 3.6 -1.9 -8.3

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for October 2023 through January 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Services for intermediate demand: Prices for services for intermediate demand inched up 0.1 
percent in February after rising 0.7 percent in January. The February advance was led by a 1.1-
percent increase in the index for transportation and warehousing services for intermediate demand. 
Prices for services less trade, transportation, and warehousing for intermediate demand edged up 0.1 
percent. Conversely, margins for trade services for intermediate demand fell 0.5 percent. For the 12 
months ended in February, the index for services for intermediate demand rose 3.2 percent.

Product detail: A 7.1-percent increase in the index for arrangement of freight and cargo 
transportation was a major factor in the February advance in prices for services for intermediate 
demand. The indexes for loan services (partial); securities brokerage, dealing, and investment advice; 
courier, messenger, and U.S. postal services; and food and alcohol wholesaling also moved higher. In 
contrast, margins for chemicals and allied products wholesaling decreased 6.4 percent. Prices for 
gross rents for retail properties, services related to securities brokerage and dealing (partial), and 
freight forwarding also declined. 

Table C. Monthly and 12-month percent changes in selected intermediate demand price indexes for services by commodity type, seasonally adjusted
Month Services for intermediate demand
Total Trade Transportation
and
warehousing
Other Total, change
from 12 months
ago (unadj.)

2023

Feb.

0.3 -0.7 0.0 0.6 6.2

Mar.

-0.2 0.9 -0.9 -0.4 4.5

Apr.

0.6 0.9 -1.0 0.9 4.4

May

0.1 -0.3 -0.4 0.4 3.9

June

0.0 -0.9 -0.2 0.3 4.4

July

0.7 2.1 0.9 0.2 4.7

Aug.

-0.1 -0.6 -0.7 0.1 4.2

Sept.

0.3 -0.4 0.8 0.4 4.0

Oct.(1)

0.0 1.5 0.4 -0.5 3.5

Nov.(1)

0.5 1.5 -0.2 0.4 3.2

Dec.(1)

0.4 -0.2 0.8 0.5 3.7

2024

Jan.(1)

0.7 0.8 0.1 0.8 3.4

Feb.

0.1 -0.5 1.1 0.1 3.2

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for October 2023 through January 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: The index for stage 4 intermediate demand moved up 0.2 percent in 
February, the fourth consecutive advance. In February, prices for total goods inputs to stage 4 
intermediate demand rose 0.6 percent. Conversely, the index for total services inputs fell 0.2 percent. 
(See table D.) Increasing prices for diesel fuel; securities brokerage, dealing, and investment advice; 
loan services (partial); gasoline; commercial electric power; and medicinal and botanical chemicals 
outweighed declines in the indexes for gross rents for retail properties, chemicals and allied products 
wholesaling, and grains. For the 12 months ended in February, prices for stage 4 intermediate 
demand advanced 1.8 percent.

Stage 3 intermediate demand: The index for stage 3 intermediate demand rose 1.1 percent in 
February, the largest increase since a 1.9-percent advance in May 2022. In February, prices for total 
goods inputs to stage 3 intermediate demand jumped 2.4 percent, and the index for total services 
inputs inched up 0.1 percent. Higher prices for diesel fuel, livestock, jet fuel, ungraded chicken eggs, 
arrangement of freight and cargo transportation, and loan services (partial) outweighed declines in 
the indexes for grains, cable network advertising time sales, and chemicals and allied products 
wholesaling. For the 12 months ended in February, prices for stage 3 intermediate demand decreased 
0.9 percent.

Stage 2 intermediate demand: The index for stage 2 intermediate demand moved up 0.9 percent in 
February following a 1.0-percent increase in January. In February, prices for total goods inputs to 
stage 2 intermediate demand jumped 1.1 percent, and the index for total services inputs rose 0.7 
percent. Advancing prices for crude petroleum, loan services (partial), arrangement of freight and 
cargo transportation, basic organic chemicals, broadcast and network television advertising time 
sales, and liquified petroleum gas outweighed declines in the indexes for natural gas, oilseeds, and 
chemicals and allied products wholesaling. For the 12 months ended in February, prices for stage 2 
intermediate demand fell 0.8 percent.

Stage 1 intermediate demand: The index for stage 1 intermediate demand rose 0.7 percent in 
February after advancing 0.3 percent in January. In February, prices for total goods inputs to stage 1 
intermediate demand jumped 1.4 percent, while the index for total services inputs was unchanged. 
Increasing prices for diesel fuel; basic organic chemicals; securities brokerage, dealing, and 
investment advice; traveler accommodation services; natural gas to electric utilities; and gasoline 
outweighed declines in the indexes for gross rents for retail properties, chemicals and allied products 
wholesaling, and grains. For the 12 months ended in February, prices for stage 1 intermediate 
demand moved up 0.3 percent, the first advance since rising 0.7 percent for the 12 months ended 
March 2023.

Table D. Monthly percent changes in selected intermediate demand price indexes by production flow, seasonally adjusted
Month Stage 4 intermediate
demand
Stage 3 intermediate
demand
Stage 2 intermediate
demand
Stage 1 intermediate
demand
Total Goods
inputs
Services
inputs
Total Goods
inputs
Services
inputs
Total Goods
inputs
Services
inputs
Total Goods
inputs
Services
inputs

2023

Feb.

0.0 -0.1 0.2 -0.3 -0.8 0.0 -1.5 -4.7 1.0 -0.3 -0.5 -0.1

Mar.

-0.2 -0.4 0.0 -0.6 -0.9 -0.3 -2.5 -4.9 -0.6 -0.3 -0.8 0.1

Apr.

0.2 -0.2 0.6 -0.4 -1.6 0.6 0.9 1.1 0.7 -0.2 -0.9 0.5

May

-0.1 -0.5 0.2 -1.2 -2.6 -0.1 -1.4 -4.0 0.5 -0.8 -1.5 -0.2

June

0.0 -0.1 0.0 -0.3 -0.4 -0.2 -1.0 -2.0 -0.2 -0.3 -0.6 0.1

July

0.4 -0.1 0.8 -0.3 -1.3 0.6 1.9 3.9 0.6 0.1 -0.7 0.9

Aug.

0.4 0.6 0.3 1.0 3.1 -0.6 0.7 2.2 -0.4 1.3 2.4 0.2

Sept.

0.3 0.3 0.3 0.5 0.9 0.3 1.2 3.0 -0.1 0.3 0.3 0.2

Oct.(1)

-0.3 -0.5 -0.2 -0.5 -1.7 0.4 -0.3 -1.1 0.4 -0.4 -0.8 -0.1

Nov.(1)

0.2 -0.2 0.5 -0.2 -1.1 0.6 -0.9 -2.4 0.2 -0.1 -0.9 0.6

Dec.(1)

0.2 0.0 0.4 -0.4 -1.6 0.6 -1.2 -3.5 0.4 -0.2 -0.7 0.3

2024

Jan.(1)

0.5 0.0 1.1 0.3 0.1 0.5 1.0 1.6 0.5 0.3 -0.2 0.8

Feb.

0.2 0.6 -0.2 1.1 2.4 0.1 0.9 1.1 0.7 0.7 1.4 0.0

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for October 2023 through January 2024 have been revised to reflect the availability of late reports and corrections by respondents.

________________
The Producer Price Index for March 2024 is scheduled to be released on Thursday, April 11, 2024, at 
8:30 a.m. (ET).

                                              *****

                              Resampling of Industries - February 2024

Effective with the release of data for February 2024, the Producer Price Index (PPI) includes data 
for 8 resampled industries classified according to the 2022 North American Industry 
Classification System (NAICS). The Bureau of Labor Statistics periodically updates the sample 
of producers providing data for the PPI to reflect current conditions more accurately when the 
structure, membership, technology, or product mix of an industry shifts. The first results of this 
systematic process were published in July 1986. Subsequent efforts have been completed at 
regular intervals.  

For information on index additions, deletions, and recodes effective February 2024, see the 
current issue of the PPI Detailed Report online at www.bls.gov/ppi/detailed-report/ppi-detailed-
report-february-2024.pdf, or contact the PPI Section of Index Analysis and Public Information at 
ppi-info@bls.gov or (202) 691-7705.

NAICS
Code                    Industry
312111        Soft drink manufacturing
314910        Textile bag and canvas mills
327992        Ground or treated minerals and earths manufacturing
332119        Other metal stamping, except automotive
333996        Fluid power pump and motor manufacturing
336213        Motor home manufacturing
457210        Fuel dealers
561612        Security guards and patrol services

Last Modified Date: March 14, 2024