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Producer prices for final demand increased 1.6 percent over the year ended February 2024
March 25, 2024
The Producer Price Index for final demand increased 1.6 percent from February 2023 to February 2024. Prices for final demand goods rose 0.3 percent over the year, while final demand prices for services rose 2.3 percent.
Producer Price Index for selected final demand components, 12-month percent change, February 2024
Grouping
12-month percent change
Final demand
1.6
Goods
0.3
Foods
0.3
Fresh fruits and melons
-7.2
Fresh and dry vegetables
1.4
Eggs for fresh use
33.4
Bakery products
3.6
Beef and veal
14.6
Pork
8.3
Dairy products
-3.3
Energy
-3.8
Residential electric power
3.0
Residential natural gas
-9.5
Gasoline
-6.4
Home heating oil and distillates
2.0
No. 2 diesel fuel
-11.2
Goods less foods and energy
1.6
Alcoholic beverages
1.1
Industrial chemicals
-12.1
Passenger cars
-3.3
Light motor trucks
1.3
Cigarettes
11.3
Services
2.3
Trade services
-0.5
Food and alcohol retailing
1.3
Health, beauty, and optical goods retailing
4.6
Computer hardware, software, and supplies retailing
-34.0
Automobiles retailing
-36.6
Fuels and lubricants retailing
-7.7
Transportation and warehousing services
-2.6
Rail transportation of freight and mail
0.6
Truck transportation of freight
-5.9
Air transportation of freight
-0.8
Courier, messenger, and U.S. postal services
4.9
Rail transportation of passengers
0.0
Airline passenger services
0.7
Less trade, transportation, and warehousing
4.2
Health and medical insurance
2.3
Property and casualty insurance
6.4
Passenger car rental
-8.4
Legal services
6.3
Physician care
2.0
Traveler accommodation services
5.6
Note: Data are not seasonally adjusted and are subject to revision 4 months after originally published.
The over-the-year increase in prices for final demand goods was partially attributable to a 33.4-percent increase in prices for eggs for fresh use and a 14.6-percent increase in prices for beef and veal. Additional increases included prices for pork (8.3 percent), bakery products (3.6 percent), and fresh and dry vegetables (1.4 percent). Final demand energy prices decreased 3.8 percent over the year, partially attributable to decreases in no. 2 diesel fuel (−11.2 percent), residential natural gas (−9.5 percent), and gasoline (−6.4 percent).
Within the services category, prices for transportation and warehousing services fell 2.6 percent from February 2023 to February 2024, with decreases in truck transportation of freight (−5.9 percent) and air transportation of freight (−0.8 percent). These decreases were partially offset by increases in prices for courier, messenger, and U.S. postal service (4.9 percent) and airline passenger services (0.7 percent). Prices for services less trade, transportation, and warehousing increased 4.2 percent over the last 12 months. Within this category, property and casualty insurance prices increased 6.4 percent, prices for legal services were up 6.3 percent, and health and medical insurance prices rose by 2.3 percent. Passenger car rental prices fell 8.4 percent over the year.
These data are from the Producer Price Indexes program and are not seasonally adjusted. Producer price indexes measure prices that U.S. producers receive for goods, services, and construction. All producer price data are subject to revision in each month after initial publication before becoming final 4 months after initial publication. To learn more, see "Producer Price Indexes — February 2024." We also have more charts related to the latest "U.S. Producer Price Indexes" news release.
United States Department of Labor
