Transmission of material in this release is embargoed until USDL 25-0957
8:30 a.m. (ET) Thursday, June 12, 2025
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 2025
The Producer Price Index for final demand advanced 0.1 percent in May, seasonally adjusted, the
U.S. Bureau of Labor Statistics reported today. Final demand prices declined 0.2 percent in April
and 0.1 percent in March. (See table A.) On an unadjusted basis, the index for final demand rose
2.6 percent for the 12 months ended in May.
The May increase in the index for final demand was led by prices for final demand services,
which advanced 0.1 percent. The index for final demand goods rose 0.2 percent.
Prices for final demand less foods, energy, and trade services edged up 0.1 percent in May after
falling 0.1 percent in April. For the 12 months ended in May, the index for final demand less
foods, energy, and trade services increased 2.7 percent.
Final Demand
Final demand services: The index for final demand services inched up 0.1 percent in May following
a 0.4-percent decrease in April. The advance is attributable to a 0.4-percent rise in margins for final
demand trade services. (Trade indexes measure changes in margins received by wholesalers and
retailers.) In contrast, prices for final demand transportation and warehousing services declined 0.2
percent, while the index for final demand services less trade, transportation, and warehousing was
unchanged.
Product detail: Leading the increase in prices for final demand services in May, margins for
machinery and vehicle wholesaling jumped 2.9 percent. The indexes for traveler accommodation
services; apparel, footwear, and accessories retailing; alcohol retailing; and system software
publishing also moved higher. Conversely, prices for airline passenger services fell 1.1 percent. The
indexes for furniture retailing; securities brokerage, dealing, investment advice, and related services;
and portfolio management also decreased. (See table 2.)
Final demand goods: Prices for final demand goods rose 0.2 percent in May after edging up 0.1
percent in April. Over 80 percent of the May advance can be traced to the index for final demand
goods less foods and energy, which climbed 0.2 percent. Prices for final demand foods increased 0.1
percent, while the index for final demand energy was unchanged.
Product detail: Within the index for final demand goods in May, prices for tobacco products rose 0.9
percent. The indexes for gasoline, processed poultry, roasted coffee, residential natural gas, and
oilseeds also increased. In contrast, prices for jet fuel declined 8.2 percent. The indexes for pork and
for carbon steel scrap also fell.
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 |
2024 |
|
May |
0.0 |
0.2 |
-0.6 |
-0.3 |
-3.5 |
0.3 |
0.3 |
0.6 |
-0.6 |
0.3 |
2.5 |
3.4 |
June |
0.4 |
0.2 |
-0.2 |
0.2 |
-1.6 |
0.1 |
0.7 |
1.8 |
-0.1 |
0.2 |
2.9 |
3.4 |
July |
0.0 |
0.4 |
0.4 |
0.2 |
1.5 |
0.2 |
-0.2 |
-1.7 |
1.2 |
0.4 |
2.4 |
3.5 |
Aug. |
0.3 |
0.2 |
0.0 |
0.7 |
-1.5 |
0.2 |
0.5 |
1.1 |
-0.7 |
0.4 |
2.1 |
3.5 |
Sept. |
0.3 |
0.2 |
-0.2 |
0.5 |
-2.0 |
0.1 |
0.5 |
1.2 |
0.0 |
0.3 |
2.1 |
3.4 |
Oct. |
0.3 |
0.3 |
0.1 |
-0.6 |
0.3 |
0.2 |
0.4 |
0.7 |
0.3 |
0.3 |
2.8 |
3.6 |
Nov. |
0.1 |
0.1 |
0.6 |
2.1 |
0.4 |
0.2 |
-0.1 |
-0.6 |
-0.2 |
0.1 |
2.9 |
3.6 |
Dec. |
0.5 |
0.4 |
0.5 |
0.3 |
2.2 |
0.1 |
0.5 |
0.5 |
2.5 |
0.3 |
3.5 |
3.6 |
2025 |
|
Jan. |
0.7 |
0.4 |
0.7 |
1.0 |
2.0 |
0.2 |
0.7 |
1.2 |
0.6 |
0.4 |
3.8 |
3.5 |
Feb. |
0.1 |
0.4 |
0.3 |
1.8 |
-1.4 |
0.3 |
0.1 |
-0.7 |
0.0 |
0.4 |
3.4 |
3.6 |
Mar. |
-0.1 |
0.2 |
-0.9 |
-2.1 |
-3.9 |
0.3 |
0.3 |
0.6 |
-1.0 |
0.3 |
3.3 |
3.5 |
Apr. |
-0.2 |
-0.1 |
0.1 |
-0.9 |
0.1 |
0.3 |
-0.4 |
-0.5 |
0.1 |
-0.3 |
2.5 |
2.9 |
May |
0.1 |
0.1 |
0.2 |
0.1 |
0.0 |
0.2 |
0.1 |
0.4 |
-0.2 |
0.0 |
2.6 |
2.7 |
Intermediate Demand by Commodity Type
Within intermediate demand in May, the index for processed goods edged up 0.1 percent, prices for
unprocessed goods fell 1.6 percent, and the index for services rose 0.1 percent. (See tables B and C.)
Processed goods for intermediate demand: Prices for processed goods for intermediate demand
inched up 0.1 percent in May following a 0.3-percent rise in April. Leading the May increase, the
index for processed materials less foods and energy advanced 0.4 percent. Prices for processed foods
and feeds moved up 0.5 percent. Conversely, the index for processed energy goods declined 1.2
percent. For the 12 months ended in May, prices for processed goods for intermediate demand
advanced 1.9 percent, the largest 12-month increase since rising 2.1 percent in February 2023.
Product detail: A major factor in the May increase in the index for processed goods for intermediate
demand was a 4.6-percent rise in prices for primary nonferrous metals. The indexes for gasoline,
processed poultry, fabricated structural metal, and paper boxes and containers also moved higher. In
contrast, prices for diesel fuel decreased 2.5 percent. The indexes for jet fuel, primary basic organic
chemicals, and pork also declined.
Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate
demand fell 1.6 percent in May, the third consecutive decline. More than three-quarters of the May
decrease is attributable to the index for unprocessed energy materials, which dropped 3.5 percent.
Prices for unprocessed nonfood materials less energy fell 1.4 percent. Conversely, the index for
unprocessed foodstuffs and feedstuffs edged up 0.1 percent. For the 12 months ended in May, prices
for unprocessed goods for intermediate demand declined 1.0 percent, the first 12-month decrease
since falling 2.2 percent in November 2024.
Product detail: Leading the May decrease in the index for unprocessed goods for intermediate
demand, prices for natural gas dropped 18.7 percent. The indexes for grains, raw milk, carbon steel
scrap, hay and hayseeds, and hides and skins also fell. In contrast, prices for slaughter steers and
heifers rose 7.2 percent. The indexes for crude petroleum and for nonferrous metal ores 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 |
| 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.) |
2024 |
|
May |
-1.2 |
0.4 |
-6.6 |
0.1 |
-0.6 |
-0.3 |
2.0 |
-3.9 |
1.8 |
-0.1 |
June |
-0.1 |
0.6 |
-0.9 |
0.0 |
-0.2 |
0.5 |
-1.2 |
3.1 |
-0.9 |
1.7 |
July |
0.5 |
1.0 |
2.4 |
0.0 |
0.8 |
2.0 |
1.6 |
3.2 |
0.8 |
1.4 |
Aug. |
-0.1 |
0.2 |
-0.8 |
0.1 |
-1.3 |
-3.2 |
-0.9 |
-6.7 |
-0.9 |
-3.9 |
Sept. |
-0.8 |
0.7 |
-4.1 |
-0.1 |
-2.7 |
-1.9 |
3.1 |
-9.6 |
1.5 |
-8.2 |
Oct. |
0.3 |
-0.2 |
1.0 |
0.2 |
-1.4 |
2.3 |
-1.5 |
7.6 |
1.1 |
-4.2 |
Nov. |
0.1 |
0.6 |
-0.5 |
0.1 |
-0.6 |
0.0 |
2.6 |
-3.0 |
0.2 |
-2.2 |
Dec. |
0.2 |
0.3 |
1.1 |
-0.1 |
0.1 |
2.9 |
1.2 |
8.0 |
-1.7 |
4.5 |
2025 |
|
Jan. |
1.0 |
0.8 |
3.6 |
0.4 |
1.0 |
5.8 |
2.4 |
12.3 |
1.3 |
8.3 |
Feb. |
0.4 |
2.1 |
-0.1 |
0.3 |
0.3 |
0.2 |
4.0 |
-4.1 |
1.4 |
9.3 |
Mar. |
-0.1 |
-0.5 |
-2.8 |
0.7 |
0.7 |
-3.9 |
-5.9 |
-4.9 |
1.1 |
6.6 |
Apr. |
0.3 |
-0.9 |
0.4 |
0.5 |
0.6 |
-3.7 |
-3.8 |
-6.5 |
0.8 |
0.4 |
May |
0.1 |
0.5 |
-1.2 |
0.4 |
1.9 |
-1.6 |
0.1 |
-3.5 |
-1.4 |
-1.0 |
Services for intermediate demand: The index for services for intermediate demand edged up 0.1
percent in May after declining 0.3 percent in April. The increase can be attributed to a 0.7-percent
advance in margins for trade services for intermediate demand. Conversely, the indexes for services
less trade, transportation, and warehousing for intermediate demand and for transportation and
warehousing services for intermediate demand both decreased 0.1 percent. For the 12 months ended
in May, prices for services for intermediate demand rose 1.9 percent.
Product detail: Leading the May advance in the index for services for intermediate demand, margins
for metals, minerals, and ores wholesaling rose 4.9 percent. The indexes for residential property
management fees; cable network advertising time sales; pipeline transportation of energy products;
and hardware, building materials, and supplies retailing also moved higher. In contrast, prices for
business loans (partial) decreased 3.7 percent. The indexes for securities brokerage, dealing,
investment advice, and related services; warehousing, storage, and related services; and food and
alcohol wholesaling also fell.
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.) |
2024 |
|
May |
0.3 |
0.6 |
0.5 |
0.1 |
3.5 |
June |
0.5 |
0.8 |
-0.3 |
0.5 |
4.0 |
July |
0.3 |
0.4 |
0.7 |
0.2 |
3.6 |
Aug. |
0.1 |
0.2 |
-0.2 |
0.2 |
3.8 |
Sept. |
0.2 |
0.3 |
0.1 |
0.2 |
3.6 |
Oct. |
0.1 |
0.2 |
0.3 |
0.0 |
3.8 |
Nov. |
-0.2 |
0.7 |
0.1 |
-0.4 |
3.0 |
Dec. |
0.6 |
-0.1 |
1.2 |
0.6 |
3.1 |
2025 |
|
Jan. |
0.1 |
0.9 |
0.4 |
-0.2 |
2.4 |
Feb. |
0.0 |
0.4 |
0.1 |
-0.1 |
2.5 |
Mar. |
0.4 |
2.7 |
-0.2 |
-0.2 |
2.6 |
Apr. |
-0.3 |
-2.3 |
0.3 |
0.2 |
2.1 |
May |
0.1 |
0.7 |
-0.1 |
-0.1 |
1.9 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: Prices for stage 4 intermediate demand inched up 0.1 percent in
May, the eighth consecutive advance. In May, the index for total goods inputs to stage 4 intermediate
demand rose 0.2 percent, while prices for total services inputs were unchanged. (See table D.)
Increases in the indexes for fabricated structural metal; metals, minerals, and ores wholesaling;
residential property management fees; metal containers; and processed poultry outweighed
decreasing prices for securities brokerage, dealing, investment advice, and related services; business
loans (partial); grains; and warehousing, storage, and related services. For the 12 months ended in
May, the index for stage 4 intermediate demand advanced 2.4 percent.
Stage 3 intermediate demand: The index for stage 3 intermediate demand moved up 0.1 percent in
May after falling 0.5 percent in both April and March. In May, prices for total services inputs to stage
3 intermediate demand increased 0.2 percent. Conversely, the index for total goods inputs declined
0.1 percent. Advances in the indexes for metals, minerals, and ores wholesaling; slaughter cattle;
cable network advertising time sales; ungraded chicken eggs; and slaughter barrows and gilts
outweighed decreases in prices for grains, raw milk, jet fuel, and business loans (partial). For the 12
months ended in May, the index for stage 3 intermediate demand rose 1.4 percent.
Stage 2 intermediate demand: The index for stage 2 intermediate demand fell 0.6 percent in May,
the fourth consecutive decrease. In May, prices for total goods inputs to stage 2 intermediate demand
dropped 1.2 percent, and the index for total services inputs moved down 0.2 percent. Declines in the
indexes for gas fuels; business loans (partial); carbon steel scrap; basic organic chemicals; securities
brokerage, dealing, investment advice, and related services; and food and alcohol wholesaling
outweighed rising prices for crude petroleum, pipeline transportation of energy products, and
oilseeds. For the 12 months ended in May, the index for stage 2 intermediate demand was unchanged.
Stage 1 intermediate demand: Prices for stage 1 intermediate demand increased 0.2 percent in May
after edging down 0.1 percent in April. In May, the index for total services inputs to stage 1
intermediate demand rose 0.3 percent, and prices for total goods inputs advanced 0.1 percent.
Increases in the indexes for metals, minerals, and ores wholesaling; data processing and related
services; hardware, building materials, and supplies retailing; residential property management fees;
traveler accommodation services; and prepared asphalt, tar roofing, and siding products outweighed
falling prices for securities brokerage, dealing, investment advice, and related services; grains; and
diesel fuel. For the 12 months ended in May, the index for stage 1 intermediate demand rose 2.2
percent, the largest 12-month increase since moving up 3.8 percent in February 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 |
2024 |
|
May |
-0.1 |
-0.2 |
0.0 |
-0.3 |
-1.2 |
0.4 |
-0.2 |
-1.3 |
0.5 |
-0.5 |
-1.3 |
0.2 |
June |
0.1 |
-0.1 |
0.3 |
0.0 |
-0.3 |
0.3 |
0.7 |
1.2 |
0.5 |
0.1 |
-0.3 |
0.5 |
July |
0.5 |
0.1 |
0.8 |
0.7 |
1.2 |
0.3 |
0.6 |
1.5 |
-0.1 |
0.6 |
0.7 |
0.5 |
Aug. |
0.0 |
0.0 |
0.1 |
-0.2 |
-0.4 |
0.0 |
-1.1 |
-2.9 |
0.2 |
0.1 |
-0.1 |
0.2 |
Sept. |
0.0 |
0.1 |
-0.1 |
-0.1 |
-0.5 |
0.3 |
-1.2 |
-3.7 |
0.6 |
-0.5 |
-0.9 |
-0.1 |
Oct. |
0.2 |
0.1 |
0.3 |
0.0 |
-0.1 |
0.0 |
1.3 |
3.3 |
0.0 |
0.1 |
0.2 |
0.0 |
Nov. |
0.1 |
0.3 |
-0.1 |
0.1 |
0.6 |
-0.3 |
-0.8 |
-1.4 |
-0.4 |
-0.1 |
0.0 |
-0.1 |
Dec. |
0.5 |
0.2 |
0.7 |
0.3 |
0.2 |
0.5 |
1.4 |
2.7 |
0.5 |
0.4 |
0.0 |
0.8 |
2025 |
|
Jan. |
0.4 |
0.5 |
0.4 |
1.0 |
2.0 |
0.3 |
1.9 |
5.5 |
-0.5 |
0.9 |
1.2 |
0.6 |
Feb. |
0.2 |
0.3 |
0.1 |
0.5 |
1.4 |
-0.2 |
-0.7 |
-1.5 |
-0.1 |
0.2 |
0.5 |
-0.1 |
Mar. |
0.2 |
0.0 |
0.4 |
-0.5 |
-1.7 |
0.5 |
-0.6 |
-2.0 |
0.4 |
0.2 |
0.1 |
0.3 |
Apr. |
0.1 |
0.5 |
-0.3 |
-0.5 |
-1.1 |
-0.1 |
-0.9 |
-2.2 |
0.0 |
-0.1 |
0.3 |
-0.4 |
May |
0.1 |
0.2 |
0.0 |
0.1 |
-0.1 |
0.2 |
-0.6 |
-1.2 |
-0.2 |
0.2 |
0.1 |
0.3 |
________________
The Producer Price Index for June 2025 is scheduled to be released on Wednesday, July 16, 2025,
at 8:30 a.m. (ET).
*****
BLS to Discontinue Selected PPIs
With the release of Producer Price Index (PPI) data for July 2025 on August 14, 2025, BLS will
end calculation and publication of 5 Final Demand-Intermediate Demand (FD-ID) indexes,
listed below.
FD-ID code FD-ID Title
FD49103 Final demand less foods, food and nonalcoholic beverages for immediate consumption,
and energy
FD49105 Final demand less foods and food and nonalcoholic beverages for immediate
consumption
FD49202 Total finished less foods, food and nonalcoholic beverages for immediate
consumption, and energy
FD49204 Total finished less foods and food and nonalcoholic beverages for immediate
consumption
ID69215 Nonfood materials excluding fuel for manufacturing, excluding selected items
In addition, with the release of July 2025 PPI data, BLS will stop calculation and publication of
about 350 PPIs from the industry, commodity, and special index categories. Details of these
index eliminations are available at www.bls.gov/ppi/notices/2025/bls-to-discontinue-selected-
ppis.htm.
For further information, contact the PPI Section of Index Analysis and Public Information at
ppi-info@bls.gov or (202) 691-7705.
United States Department of Labor
