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Transmission of material in this release is embargoed until USDL 24-1125 8:30 a.m. (ET) Thursday, June 13, 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 - MAY 2024 The Producer Price Index for final demand declined 0.2 percent in May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices increased 0.5 percent in April and edged down 0.1 percent in March. (See table A.) On an unadjusted basis, the index for final demand advanced 2.2 percent for the 12 months ended in May. The May decrease in final demand prices can be attributed to a 0.8-percent decline in the index for final demand goods. Prices for final demand services were unchanged. Prices for final demand less foods, energy, and trade services were unchanged in May following a 0.5-percent increase in April. For the 12 months ended in May, the index for final demand less foods, energy, and trade services rose 3.2 percent. Final Demand Final demand goods: Prices for final demand goods fell 0.8 percent in May, the largest decline since moving down 1.2 percent in October 2023. Leading the May decrease, the index for final demand energy dropped 4.8 percent. Prices for final demand foods edged down 0.1 percent. In contrast, the index for final demand goods less foods and energy advanced 0.3 percent. Product detail: Nearly 60 percent of the May decrease in the index for final demand goods can be traced to a 7.1-percent decline in prices for gasoline. The indexes for diesel fuel, chicken eggs, electric power, jet fuel, and basic organic chemicals also fell. Conversely, prices for cigarettes rose 3.3 percent. The indexes for hay, hayseeds, and oilseeds and for residual fuels also moved higher. (See table 2.) Final demand services: Prices for final demand services were unchanged in May after increasing 0.6 percent in April. In May, the indexes for final demand trade services and for final demand services less trade, transportation, and warehousing rose 0.2 percent and 0.1 percent, respectively. (Trade indexes measure changes in margins received by wholesalers and retailers.) In contrast, prices for final demand transportation and warehousing services fell 1.4 percent. Product detail: Within the index for final demand services in May, margins for fuels and lubricants retailing jumped 12.2 percent. The indexes for food and alcohol retailing; outpatient care (partial); automobiles and automobile parts retailing; and apparel, footwear, and accessories retailing also advanced. Conversely, prices for airline passenger services fell 4.3 percent. The indexes for machinery and vehicle wholesaling, professional and commercial equipment wholesaling, portfolio management, and truck transportation of freight also declined.
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 |
||||||||||||
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. |
-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. |
0.1 | 0.1 | -0.2 | 0.7 | -2.0 | 0.1 | 0.2 | 0.4 | -0.2 | 0.1 | 0.8 | 2.5 |
Dec. |
-0.1 | 0.3 | -0.1 | 0.0 | -0.8 | 0.1 | -0.1 | -1.2 | -0.2 | 0.5 | 1.1 | 2.7 |
2024 |
||||||||||||
Jan.(1) |
0.4 | 0.6 | -0.1 | -0.3 | -1.1 | 0.3 | 0.6 | 0.1 | -0.2 | 0.9 | 1.0 | 2.7 |
Feb.(1) |
0.6 | 0.4 | 1.1 | 1.0 | 3.9 | 0.3 | 0.4 | 0.3 | 1.2 | 0.3 | 1.6 | 2.8 |
Mar.(1) |
-0.1 | 0.2 | -0.1 | 0.4 | -1.3 | 0.0 | 0.0 | -0.8 | 0.2 | 0.3 | 1.9 | 2.9 |
Apr.(1) |
0.5 | 0.5 | 0.4 | -0.6 | 2.0 | 0.2 | 0.6 | 0.6 | -0.5 | 0.7 | 2.3 | 3.2 |
May |
-0.2 | 0.0 | -0.8 | -0.1 | -4.8 | 0.3 | 0.0 | 0.2 | -1.4 | 0.1 | 2.2 | 3.2 |
Footnotes |
Intermediate Demand by Commodity Type Within intermediate demand in May, prices for processed goods fell 1.5 percent, the index for unprocessed goods decreased 1.8 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 moved down 1.5 percent in May, the largest decline since falling 2.3 percent in December 2022. The May decrease is attributable to prices for processed energy goods, which dropped 8.0 percent. In contrast, the index for processed materials less foods and energy advanced 0.1 percent, and prices for processed foods and feeds rose 0.3 percent. For the 12 months ended in May, the index for processed goods for intermediate demand moved down 0.7 percent. Product detail: About 80 percent of the May decline in the index for processed goods for intermediate demand can be attributed to prices for diesel fuel, which dropped 24.5 percent. The indexes for gasoline, industrial electric power, commercial electric power, basic organic chemicals, and jet fuel also decreased. Conversely, prices for nonferrous mill shapes increased 3.8 percent. The indexes for natural cheese (except cottage cheese) and for residual fuels also rose. Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate demand moved down 1.8 percent in May, the largest decline since falling 4.1 percent in December 2023. The May decrease can be traced to prices for unprocessed energy materials, which dropped 6.6 percent. In contrast, the indexes for unprocessed nonfood materials less energy and for unprocessed foodstuffs and feedstuffs advanced 1.8 percent and 1.0 percent, respectively. For the 12 months ended in May, prices for unprocessed goods for intermediate demand declined 1.6 percent. Product detail: Leading the May decrease in prices for unprocessed goods for intermediate demand, the index for crude petroleum fell 8.7 percent. Prices for slaughter hogs, ungraded chicken eggs, slaughter chickens, raw cotton, and raw milk also moved lower. Conversely, the index for aluminum base scrap jumped 18.0 percent. Prices for hay, hayseeds, and oilseeds and for natural gas also increased.
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 |
||||||||||
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. |
-1.0 | -0.2 | -4.3 | -0.1 | -4.6 | -1.6 | -2.1 | -2.1 | 0.0 | -14.8 |
Nov. |
-0.7 | -0.5 | -2.6 | -0.3 | -4.6 | -2.1 | -0.4 | -5.3 | 0.7 | -14.0 |
Dec. |
-0.4 | 0.1 | -2.9 | 0.2 | -2.8 | -4.1 | -3.3 | -7.6 | 0.3 | -18.7 |
2024 |
||||||||||
Jan.(1) |
-0.1 | -1.7 | -1.0 | 0.3 | -3.7 | 1.6 | -1.5 | 6.4 | -1.3 | -13.5 |
Feb.(1) |
1.4 | 0.3 | 5.5 | 0.5 | -2.0 | -0.3 | 1.6 | -1.1 | -1.7 | -9.3 |
Mar.(1) |
-0.5 | 0.2 | -1.4 | -0.3 | -1.7 | -1.5 | 1.6 | -5.4 | 0.2 | -6.3 |
Apr.(1) |
0.5 | -0.2 | 1.9 | 0.3 | -0.6 | 2.5 | -0.6 | 6.9 | 0.6 | -4.7 |
May |
-1.5 | 0.3 | -8.0 | 0.1 | -0.7 | -1.8 | 1.0 | -6.6 | 1.8 | -1.6 |
Footnotes |
Services for intermediate demand: Prices for services for intermediate demand edged up 0.1 percent in May, the third consecutive advance. Leading the May increase, the index for trade services for intermediate demand rose 0.7 percent. Prices for transportation and warehousing services for intermediate demand moved up 0.3 percent. The index for services less trade, transportation, and warehousing for intermediate demand was unchanged. For the 12 months ended in May, prices for services for intermediate demand rose 3.4 percent. Product detail: A major factor in the May increase in prices for services for intermediate demand was the index for machinery and equipment parts and supplies wholesaling, which advanced 1.6 percent. The indexes for arrangement of freight and cargo transportation, fuels and lubricants retailing, commercial and industrial machinery maintenance and repair, and investment banking also moved higher. In contrast, prices for airline passenger services declined 4.3 percent. The indexes for permanent placement services; portfolio management; and metals, minerals, and ores wholesaling also decreased.
Month | Services for intermediate demand | ||||
---|---|---|---|---|---|
Total | Trade | Transportation and warehousing |
Other | Total, change from 12 months ago (unadj.) |
|
2023 |
|||||
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. |
0.0 | 1.5 | 0.4 | -0.5 | 3.5 |
Nov. |
0.5 | 1.5 | -0.2 | 0.4 | 3.2 |
Dec. |
0.5 | -0.3 | 1.0 | 0.6 | 3.7 |
2024 |
|||||
Jan.(1) |
0.9 | 1.1 | -0.1 | 1.0 | 3.6 |
Feb.(1) |
0.0 | -1.6 | 1.0 | 0.2 | 3.2 |
Mar.(1) |
0.2 | 0.1 | 0.0 | 0.3 | 3.7 |
Apr.(1) |
0.3 | -0.2 | 0.6 | 0.4 | 3.4 |
May |
0.1 | 0.7 | 0.3 | 0.0 | 3.4 |
Footnotes |
Intermediate Demand by Production Flow Stage 4 intermediate demand: The index for stage 4 intermediate demand moved down 0.2 percent in May, the first decline since a 0.3-percent decrease in October 2023. In May, prices for total goods inputs to stage 4 intermediate demand fell 0.4 percent, while the index for total services inputs was unchanged. (See table D.) Decreasing prices for diesel fuel, gasoline, portfolio management, industrial electric power, commercial electric power, and airline passenger services outweighed advances in the indexes for machinery and equipment parts and supplies wholesaling, corn, and aluminum mill shapes. For the 12 months ended in May, prices for stage 4 intermediate demand rose 2.3 percent. Stage 3 intermediate demand: The index for stage 3 intermediate demand fell 0.7 percent in May, the largest decrease since moving down 1.2 percent in May 2023. In May 2024, prices for total goods inputs to stage 3 intermediate demand dropped 1.8 percent. Conversely, the index for total services inputs rose 0.3 percent. Lower prices for diesel fuel, slaughter hogs, ungraded chicken eggs, jet fuel, gasoline, and permanent placement services outweighed advances in the indexes for arrangement of freight and cargo transportation, slaughter steers and heifers, and corn. For the 12 months ended in May, prices for stage 3 intermediate demand moved up 0.6 percent, the first increase since rising 2.4 percent for the 12 months ended February 2023. Stage 2 intermediate demand: The index for stage 2 intermediate demand moved down 0.8 percent in May following a 1.4-percent increase in April. In May, prices for total goods inputs to stage 2 intermediate demand dropped 2.4 percent. In contrast, the index for total services inputs rose 0.3 percent. Declining prices for crude petroleum, basic organic chemicals, loan services (partial), diesel fuel, permanent placement services, and airline passenger services outweighed advances in the indexes for arrangement of freight and cargo transportation, fuels and lubricants retailing, and oilseeds. For the 12 months ended in May, prices for stage 2 intermediate demand moved up 1.3 percent, the largest increase since rising 5.5 percent for the 12 months ended January 2023. Stage 1 intermediate demand: The index for stage 1 intermediate demand fell 0.8 percent in May, the largest decrease since declining 0.8 percent in May 2023. In May 2024, prices for total goods inputs to stage 1 intermediate demand dropped 1.6 percent, while the index for total services inputs was unchanged. Declining prices for diesel fuel, airline passenger services, gasoline, basic organic chemicals, industrial electric power, and natural gas to electric utilities outweighed advances in the indexes for corn, aluminum base scrap, and fuels and lubricants retailing. For the 12 months ended in May, prices for stage 1 intermediate demand moved up 0.7 percent.
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 |
||||||||||||
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. |
-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. |
0.2 | -0.3 | 0.5 | -0.2 | -1.1 | 0.6 | -1.0 | -2.5 | 0.2 | -0.2 | -0.9 | 0.6 |
Dec. |
0.2 | 0.0 | 0.4 | -0.3 | -1.6 | 0.7 | -1.1 | -3.4 | 0.5 | -0.2 | -0.7 | 0.3 |
2024 |
||||||||||||
Jan.(1) |
0.6 | -0.1 | 1.2 | 0.3 | 0.0 | 0.6 | 1.2 | 1.7 | 0.8 | 0.4 | -0.2 | 1.0 |
Feb.(1) |
0.1 | 0.5 | -0.2 | 0.9 | 2.4 | -0.3 | 0.0 | -0.7 | 0.6 | 0.4 | 1.3 | -0.5 |
Mar.(1) |
0.2 | -0.2 | 0.4 | -0.1 | -0.3 | 0.0 | -0.9 | -2.4 | 0.1 | -0.2 | -0.7 | 0.3 |
Apr.(1) |
0.4 | 0.4 | 0.4 | 0.2 | 0.2 | 0.2 | 1.4 | 3.1 | 0.3 | 0.3 | 0.5 | 0.1 |
May |
-0.2 | -0.4 | 0.0 | -0.7 | -1.8 | 0.3 | -0.8 | -2.4 | 0.3 | -0.8 | -1.6 | 0.0 |
Footnotes |
________________ The Producer Price Index for June 2024 is scheduled to be released on Friday, July 12, 2024, at 8:30 a.m. (ET).