Producer Price Index News Release summary

Transmission of material in this release is embargoed until USDL 24-1866
8:30 a.m. (ET) Thursday, September 12, 2024

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Media contact: (202) 691-5902 * PressOffice@bls.gov

PRODUCER PRICE INDEXES - AUGUST 2024

The Producer Price Index for final demand increased 0.2 percent in August, seasonally adjusted,
the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in July
and rose 0.2 percent in June. (See table A.) On an unadjusted basis, the index for final demand
advanced 1.7 percent for the 12 months ended in August.

The August rise in the index for final demand can be traced to a 0.4-percent increase in prices for
final demand services. The index for final demand goods was unchanged.

Prices for final demand less foods, energy, and trade services advanced 0.3 percent in August, the
same as in July. For the 12 months ended in August, the index for final demand less foods,
energy, and trade services moved up 3.3 percent.

Final Demand

Final demand services: Prices for final demand services rose 0.4 percent in August after declining
0.3 percent in July. Nearly 60 percent of the increase is attributable to a 0.3-percent advance in the
index for final demand services less trade, transportation, and warehousing. Margins for final demand
trade services moved up 0.6 percent. (Trade indexes measure changes in margins received by
wholesalers and retailers.) In contrast, the index for final demand transportation and warehousing
services decreased 0.1 percent.

Product detail: A 4.8-percent rise in the index for guestroom rental was a major factor in the August
advance in prices for final demand services. The indexes for machinery and vehicle wholesaling,
automotive fuels and lubricants retailing, residential real estate loans (partial), professional and
commercial equipment wholesaling, and furniture retailing also moved higher. Conversely, prices for
airline passenger services fell 0.8 percent. The indexes for food and alcohol retailing and for
membership dues, admissions, and recreational facility use fees (partial) also decreased. (See table
2.)

Final demand goods: Prices for final demand goods were unchanged in August after rising 0.6
percent in July. In August, the indexes for final demand goods less foods and energy and for final
demand foods advanced 0.2 percent and 0.1 percent, respectively. In contrast, prices for final demand
energy fell 0.9 percent.

Product detail: In August, the index for non-electronic cigarettes increased 2.3 percent. Prices for
chicken eggs, gasoline, diesel fuel, and drugs and pharmaceuticals also moved up. Conversely, the
index for jet fuel decreased 10.5 percent. Prices for meats; electric power; hay, hayseeds, and
oilseeds; and nonferrous scrap also declined.

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.)
Month	Total final demand	Final demand less foods, energy, and trade	Total	Foods	Energy	Less foods and energy	Total	Trade	Transportation and warehousing	Other	Change in final demand from 12 months ago (unadj.)
2023
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.	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.	0.6	0.4	1.1	1.0	3.9	0.3	0.3	0.3	1.2	0.3	1.6	2.8
Mar.	0.0	0.2	-0.2	0.3	-1.2	0.0	0.1	-0.4	0.2	0.3	2.0	2.9
Apr.(1)	0.5	0.5	0.4	-0.8	1.8	0.3	0.6	0.5	-0.5	0.7	2.3	3.2
May(1)	0.0	0.2	-0.8	-0.1	-4.5	0.2	0.3	0.7	-0.9	0.3	2.5	3.4
June(1)	0.2	0.1	-0.3	0.1	-2.0	0.0	0.4	1.3	-0.1	0.1	2.7	3.2
July(1)	0.0	0.3	0.6	0.7	1.8	0.2	-0.3	-1.7	1.0	0.2	2.1	3.2
Aug.	0.2	0.3	0.0	0.1	-0.9	0.2	0.4	0.6	-0.1	0.3	1.7	3.3
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for April 2024 through July 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in August, prices for processed goods fell 0.1 percent, the index for
unprocessed goods decreased 3.7 percent, and prices for services declined 0.1 percent. (See tables B
and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate
demand moved down 0.1 percent in August after rising 0.6 percent in July. Leading the decrease,
prices for processed energy goods declined 0.6 percent. The index for processed foods and feeds fell
0.3 percent. In contrast, prices for processed materials less foods and energy inched up 0.1 percent.
For the 12 months ended in August, the index for processed goods for intermediate demand fell 1.1
percent, the largest decline since a 1.8-percent decrease for the 12 months ended in March.

Product detail: A major factor in the August decline in prices for processed goods for intermediate
demand was the index for jet fuel, which dropped 10.5 percent. Prices for meats, natural gas to
electric utilities, cold rolled steel sheet and strip, and lubricating oil base stocks also fell. Conversely,
the index for fabricated steel plate jumped 16.8 percent. Prices for diesel fuel, basic organic
chemicals, and paperboard also increased.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate
demand moved down 3.7 percent in August, the largest decline since falling 4.1 percent in December
2023. More than three-quarters of the broad-based decrease in August is attributable to a 7.5-percent
drop in prices for unprocessed energy materials. The indexes for unprocessed foodstuffs and
feedstuffs and for unprocessed nonfood materials less energy also moved down, 1.7 percent and 1.1
percent, respectively. For the 12 months ended in August, prices for unprocessed goods for
intermediate demand fell 4.3 percent, the largest decline since decreasing 5.0 percent for the 12
months ended in April.

Product detail: Over 40 percent of the August decline in the index for unprocessed goods for
intermediate demand can be traced to a 29.8-percent drop in prices for natural gas. The indexes for
crude petroleum; hay, hayseeds, and oilseeds; nonferrous scrap; slaughter hogs; and slaughter steers
and heifers also fell. In contrast, prices for slaughter chickens rose 5.5 percent. The indexes for
carbon steel scrap and for coal also advanced.

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
Month	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
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.	-0.1	-1.7	-1.0	0.3	-3.7	1.6	-1.5	6.4	-1.3	-13.5
Feb.	1.4	0.3	5.5	0.5	-2.0	-0.3	1.6	-1.1	-1.7	-9.3
Mar.	-0.6	0.2	-1.0	-0.5	-1.8	-1.4	1.6	-5.4	0.5	-6.3
Apr.(1)	0.5	-0.3	1.8	0.3	-0.6	2.1	-0.6	6.0	0.5	-5.0
May(1)	-1.3	0.2	-6.9	0.1	-0.5	0.0	2.8	-3.9	1.9	-0.1
June(1)	-0.1	0.7	-0.7	0.0	-0.1	0.5	-1.3	3.0	-0.5	1.6
July(1)	0.6	1.5	2.4	0.1	0.9	2.1	2.0	3.1	0.8	1.4
Aug.	-0.1	-0.3	-0.6	0.1	-1.1	-3.7	-1.7	-7.5	-1.1	-4.3
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for April 2024 through July 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Services for intermediate demand: The index for services for intermediate demand edged down 0.1 
percent in August, the first decrease since falling 0.1 percent in August 2023. Over 60 percent of the 
August 2024 decline can be traced to margins for trade services for intermediate demand, which 
dropped 0.3 percent. Prices for services less trade, transportation, and warehousing for intermediate 
demand inched down 0.1 percent, while the index for transportation and warehousing services for 
intermediate demand was unchanged. For the 12 months ended in August, prices for services for 
intermediate demand advanced 3.4 percent.

Product detail: Within services for intermediate demand in August, margins for machinery and 
equipment parts and supplies wholesaling declined 0.8 percent. The indexes for gross rents for office 
buildings, freight forwarding, cable network advertising time sales, and staffing services also moved 
lower. Conversely, prices for U.S. postal services increased 6.1 percent. The indexes for automotive 
fuels and lubricants retailing, gross rents for retail properties, and guestroom rental also advanced.

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
Month	Total	Trade	Transportation and warehousing	Other	Total, change from 12 months ago (unadj.)
2023
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.	0.9	1.1	-0.1	1.0	3.6
Feb.	0.0	-1.7	1.0	0.3	3.3
Mar.	0.2	0.1	0.0	0.3	3.8
Apr.(1)	0.2	-0.4	0.4	0.4	3.4
May(1)	0.3	0.6	0.5	0.2	3.6
June(1)	0.2	-0.1	-0.3	0.4	3.8
July(1)	0.3	0.7	0.4	0.1	3.4
Aug.	-0.1	-0.3	0.0	-0.1	3.4
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for April 2024 through July 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: Prices for stage 4 intermediate demand inched down 0.1 percent in
August after rising 0.5 percent in July. In August, the index for total services inputs to stage 4
intermediate demand declined 0.1 percent, while prices for total goods inputs were unchanged. (See
table D.) Decreases in the indexes for gross rents for office buildings; meats; machinery and
equipment parts and supplies wholesaling; hay, hayseeds, and oilseeds; and staffing services
outweighed advances in prices for U.S. postal services; gross rents for retail properties; fabricated
steel plate; and securities brokerage, dealing, investment advice, and related services. For the 12
months ended in August, the index for stage 4 intermediate demand increased 1.9 percent.

Stage 3 intermediate demand: The index for stage 3 intermediate demand fell 0.4 percent in
August, the largest decline since decreasing 0.5 percent in October 2023. In August, prices for total
goods inputs to stage 3 intermediate demand dropped 0.6 percent, and the index for total services
inputs moved down 0.3 percent. Declines in prices for jet fuel; cable network advertising time sales;
freight forwarding; hay, hayseeds, and oilseeds; slaughter hogs; and gross rents for office buildings
outweighed advances in the indexes for slaughter chickens, ungraded chicken eggs, and the U.S.
Postal Service. For the 12 months ended in August, prices for stage 3 intermediate demand rose 0.7
percent.

Stage 2 intermediate demand: The index for stage 2 intermediate demand decreased 1.3 percent in
August, the largest decline since falling 1.4 percent in May 2023. In August, prices for total goods
inputs to stage 2 intermediate demand dropped 3.2 percent. In contrast, the index for total services
inputs edged up 0.1 percent. Decreases in prices for gas fuels, crude petroleum, oilseeds, freight
forwarding, nonferrous scrap, and staffing services outweighed increases in the indexes for
automotive fuels and lubricants retailing, paperboard, and guestroom rental. For the 12 months ended
in August, prices for stage 2 intermediate demand advanced 0.2 percent.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand were unchanged in August
after rising 0.6 percent in July. In August, the index for total services inputs to stage 1 intermediate
demand inched up 0.1 percent, while prices for total goods inputs were unchanged. Increases in the
indexes for guestroom rental, the U.S. Postal Service, diesel fuel, fabricated steel plate, and gross
rents for retail properties offset falling prices for gross rents for office buildings, nonferrous scrap,
natural gas to electric utilities, passenger car rental, and lubricating oil base stocks. For the 12 months
ended in August, the index for stage 1 intermediate demand advanced 0.5 percent.

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
Month	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs
2023
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.	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.	0.1	0.5	-0.2	1.0	2.5	-0.2	0.1	-0.7	0.7	0.4	1.3	-0.5
Mar.	0.1	-0.3	0.4	-0.1	-0.3	0.0	-0.9	-2.5	0.1	-0.3	-0.9	0.3
Apr.(1)	0.4	0.4	0.3	0.2	0.2	0.1	1.3	2.8	0.2	0.3	0.5	0.1
May(1)	-0.1	-0.2	0.0	-0.2	-1.1	0.5	-0.2	-1.3	0.6	-0.6	-1.3	0.1
June(1)	0.0	-0.1	0.1	-0.2	-0.3	0.0	0.7	1.2	0.3	0.1	-0.2	0.3
July(1)	0.5	0.2	0.7	0.7	1.2	0.2	0.6	1.6	-0.2	0.6	0.7	0.5
Aug.	-0.1	0.0	-0.1	-0.4	-0.6	-0.3	-1.3	-3.2	0.1	0.0	0.0	0.1
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for April 2024 through July 2024 have been revised to reflect the availability of late reports and corrections by respondents.

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

Technical notes

Table 1. Producer price index percent changes and weights for Final Demand - Intermediate Demand groupings, seasonally adjusted

Table 2. Producer price index percent changes for selected commodity groupings by Final Demand - Intermediate Demand category, seasonally adjusted

Table 3. Producer price indexes Final Demand - Intermediate Demand groupings, seasonally adjusted

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Last Modified Date: September 12, 2024