Producer Price Index News Release summary

Transmission of material in this release is embargoed until USDL 25-1518
8:30 a.m. (ET) Tuesday, November 25, 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 - SEPTEMBER 2025

The Producer Price Index for final demand increased 0.3 percent in September, seasonally
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices declined 0.1
percent in August and rose 0.8 percent in July. (See table A.) On an unadjusted basis, the index
for final demand moved up 2.7 percent for the 12 months ended in September. Note that
September PPI data collection was completed before the lapse in appropriations.

The September advance in the index for final demand is attributable to a 0.9-percent increase in
prices for final demand goods. The index for final demand services was unchanged.

Prices for final demand less foods, energy, and trade services edged up 0.1 percent in September
after rising 0.3 percent in August. For the 12 months ended in September, the index for final
demand less foods, energy, and trade services increased 2.9 percent.

Final Demand

Final demand goods: The index for final demand goods advanced 0.9 percent in September, the
largest increase since moving up 0.9 percent in February 2024. Two-thirds of the broad-based rise in
September can be traced to prices for final demand energy, which climbed 3.5 percent. The index for
final demand foods advanced 1.1 percent, and prices for final demand goods less foods and energy
increased 0.2 percent.

Product detail: Sixty percent of the September rise in the index for final demand goods can be traced
to prices for gasoline, which advanced 11.8 percent. The indexes for meats, residential electric power,
natural gas liquids, motor vehicles and equipment, and ethanol also moved higher. In contrast, prices
for fresh and dry vegetables declined 1.8 percent. The indexes for nonferrous metal ores and for
residual fuels also fell. (See table 2.)

Final demand services: The index for final demand services was unchanged in September after
decreasing 0.3 percent in August. In September, price advances of 0.8 percent for final demand
transportation and warehousing services and 0.1 percent for final demand services less trade,
transportation, and warehousing offset a 0.2-percent decline in margins for final demand trade
services. (Trade indexes measure changes in margins received by wholesalers and retailers.)

Product detail: Within the index for final demand services in September, prices for airline passenger
services advanced 4.0 percent. The indexes for food wholesaling, chemicals and allied products
wholesaling, deposit services (partial), and furniture retailing also moved higher. Conversely,
margins for machinery and equipment wholesaling decreased 3.5 percent. The indexes for
automobile retailing (partial); apparel, jewelry, footwear, and accessories retailing; portfolio
management; and long-distance motor carrying 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.)
2024
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	1.6	-1.4	0.3	0.1	-0.8	0.0	0.5	3.4	3.6
Mar.	-0.2	0.1	-0.9	-2.2	-3.9	0.3	0.2	0.4	-1.7	0.3	3.2	3.5
Apr.	-0.3	-0.2	0.0	-0.9	-0.3	0.3	-0.3	-0.2	0.0	-0.4	2.4	2.7
May(1)	0.4	0.1	0.1	0.0	-0.4	0.3	0.5	1.4	0.0	0.1	2.7	2.7
June(1)	0.1	0.1	0.3	0.1	1.1	0.2	0.0	-0.2	-0.8	0.1	2.4	2.6
July(1)	0.8	0.7	0.6	1.5	0.7	0.3	0.9	1.1	1.5	0.8	3.2	2.9
Aug.(1)	-0.1	0.3	0.2	0.1	-0.4	0.3	-0.3	-1.7	0.6	0.3	2.7	2.9
Sept.	0.3	0.1	0.9	1.1	3.5	0.2	0.0	-0.2	0.8	0.1	2.7	2.9
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May through August have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in September, prices for processed goods increased 0.4 percent, the
index for unprocessed goods rose 0.1 percent, and prices for services advanced 0.1 percent. (See
tables B and C.)

Processed goods for intermediate demand: Prices for processed goods for intermediate demand
moved up 0.4 percent in September, the third consecutive increase. Nearly 40 percent of the broad-
based September advance can be attributed to a 0.9-percent rise in the index for processed energy
goods. Prices for processed materials less foods and energy and for processed foods and feeds also
moved higher, 0.2 percent and 1.1 percent, respectively. For the 12 months ended in September, the
index for processed goods for intermediate demand advanced 3.8 percent, the largest 12-month
increase since rising 3.9 percent in January 2023.

Product detail: Over half of the September advance in prices for processed goods for intermediate
demand can be traced to an 11.8-percent jump in the index for gasoline. Prices for meats, fluid power
equipment, ethanol, natural gas liquids, and fabricated structural metal products also rose. In contrast,
the index for industrial electric power moved down 2.0 percent. Prices for commercial electric power
and for primary basic organic chemicals also decreased.

Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate
demand inched up 0.1 percent in September after declining 1.8 percent in August. Leading the
increase, the index for unprocessed foodstuffs and feedstuffs advanced 1.9 percent. Prices for
unprocessed nonfood materials less energy rose 1.5 percent. Conversely, the index for unprocessed
energy materials decreased 3.0 percent. For the 12 months ended in September, prices for
unprocessed goods for intermediate demand increased 3.5 percent, the largest 12-month advance
since rising 6.5 percent in March.

Product detail: A major factor in the September advance in the index for unprocessed goods for
intermediate demand was the price of corn, which rose 8.3 percent. The indexes for slaughter
barrows and gilts, slaughter steers and heifers, fresh fruits and melons, and aluminum base scrap also
increased. In contrast, prices for natural gas dropped 8.7 percent. The indexes for crude petroleum,
raw milk, and copper base scrap also moved lower.

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.)
2024
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	2.0	-0.1	0.3	0.3	0.2	4.0	-4.2	1.4	9.3
Mar.	-0.1	-0.5	-2.8	0.7	0.7	-3.9	-5.9	-5.0	1.0	6.5
Apr.	0.3	-0.9	0.1	0.5	0.5	-3.7	-3.4	-7.1	1.0	0.3
May(1)	0.1	0.7	-2.0	0.6	1.8	-1.6	1.2	-5.0	-1.3	-1.2
June(1)	-0.1	-0.3	-0.2	-0.1	1.8	2.2	0.7	4.9	0.7	0.6
July(1)	0.8	-0.1	3.1	0.4	2.1	1.6	1.3	1.9	1.6	0.2
Aug.(1)	0.4	0.8	0.0	0.4	2.6	-1.8	-0.3	-4.5	-0.5	1.7
Sept.	0.4	1.1	0.9	0.2	3.8	0.1	1.9	-3.0	1.5	3.5
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May through August 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 up 0.1 
percent in September after no change in August. Leading the increase, margins for trade services for 
intermediate demand advanced 0.8 percent. Prices for transportation and warehousing services for 
intermediate demand rose 0.4 percent. Conversely, the index for services less trade, transportation, 
and warehousing for intermediate demand inched down 0.1 percent. For the 12 months ended in 
September, prices for services for intermediate demand increased 1.7 percent.

Product detail: More than 80 percent of the September rise in prices for services for intermediate 
demand can be traced to margins for food wholesaling, which advanced 3.8 percent. The indexes for 
administrative and general management consulting services, deposit services (partial), chemicals and 
allied products wholesaling, and airline passenger services also moved higher. In contrast, prices for 
loan services (partial) declined 3.4 percent. The indexes for machinery and equipment parts and 
supplies wholesaling, paper and plastics products wholesaling, and long-distance motor carrying 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
Month	Total	Trade	Transportation and warehousing	Other	Total, change from 12 months ago (unadj.)
2024
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.	0.3	2.6	-0.4	-0.1	2.6
Apr.	-0.3	-2.1	0.3	0.1	2.1
May(1)	0.1	-0.1	-0.2	0.2	1.9
June(1)	0.1	0.4	0.4	-0.1	1.5
July(1)	0.7	1.4	0.9	0.4	1.9
Aug.(1)	0.0	-2.0	0.3	0.5	1.8
Sept.	0.1	0.8	0.4	-0.1	1.7
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May through August 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 rose 0.2 percent in
September, the fourth consecutive advance. In September, the index for total goods inputs to stage 4
intermediate demand increased 0.5 percent. Conversely, prices for total services inputs edged down
0.1 percent. (See table D.) Advances in the indexes for gasoline; food wholesaling; meats; fluid
power equipment; securities brokerage, dealing, investment advice, and related services; and
chemicals and allied products wholesaling outweighed decreases in the indexes for machinery and
equipment parts and supplies wholesaling, loan services (partial), and industrial electric power. For
the 12 months ended in September, prices for stage 4 intermediate demand moved up 3.0 percent, the
largest 12-month increase since rising 3.4 percent in March 2023.

Stage 3 intermediate demand: Prices for stage 3 intermediate demand advanced 0.3 percent in
September following no change in August. In September, the index for total goods inputs to stage 3
intermediate demand moved up 0.4 percent, and prices for total services inputs rose 0.2 percent.
Increases in the indexes for slaughter barrows and gilts, corn, gasoline, slaughter steers and heifers,
services related to air transportation, and food wholesaling outweighed declines in the indexes for
raw milk, loan services (partial), and paper and plastics products wholesaling. For the 12 months
ended in September, prices for stage 3 intermediate demand moved up 2.4 percent, the largest 12-
month advance since rising 2.4 percent in January.

Stage 2 intermediate demand: Prices for stage 2 intermediate demand edged down 0.1 percent in
September after falling 0.7 percent in August. In September, the index for total goods inputs to stage
2 intermediate demand declined 0.5 percent. In contrast, prices for total services inputs inched up 0.1
percent. Decreases in the indexes for natural gas, loan services (partial), crude petroleum, machinery
and equipment parts and supplies wholesaling, and primary basic organic chemicals outweighed
advances in the indexes for food wholesaling, deposit services (partial), natural gas liquids, and
ethanol. For the 12 months ended in September, prices for stage 2 intermediate demand moved up 1.3
percent, the largest 12-month increase since rising 2.6 percent in March.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand advanced 0.4 percent in
September following no change in August. In September, the index for total goods inputs to stage 1
intermediate demand moved up 0.6 percent, and prices for total services inputs rose 0.2 percent.
Increases in the indexes for gasoline; airline passenger services; corn; fluid power equipment;
ethanol; and securities brokerage, dealing, investment advice, and related services outweighed
declines in the indexes for machinery and equipment parts and supplies wholesaling, data processing
and related services, and industrial electric power. For the 12 months ended in September, prices for
stage 1 intermediate demand moved up 3.1 percent, the largest 12-month advance since rising 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
Month	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs
2024
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	-0.3	-0.7	-1.5	-0.1	0.3	0.5	0.1
Mar.	0.2	0.0	0.3	-0.5	-1.7	0.4	-0.6	-2.0	0.4	0.2	0.1	0.4
Apr.	0.1	0.5	-0.3	-0.5	-1.0	-0.1	-1.1	-2.5	-0.1	-0.2	0.3	-0.5
May(1)	0.0	0.2	-0.1	0.2	0.3	0.1	-0.6	-1.8	0.1	0.1	0.1	0.1
June(1)	0.1	0.1	0.1	0.1	-0.1	0.3	0.8	1.9	0.0	-0.1	-0.1	-0.1
July(1)	0.8	0.5	1.0	0.9	1.4	0.5	0.6	0.9	0.3	1.1	1.0	1.1
Aug.(1)	0.2	0.4	0.1	0.0	0.1	-0.1	-0.7	-1.4	-0.2	0.0	0.2	-0.2
Sept.	0.2	0.5	-0.1	0.3	0.4	0.2	-0.1	-0.5	0.1	0.4	0.6	0.2
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May through August have been revised to reflect the availability of late reports and corrections by respondents.

                                                *****

                                     Federal Government Shutdown

The release of data for the September 2025 Producer Price Index (PPI) was delayed by more than 
5 weeks because of the lapse in federal appropriations. While BLS completed data collection 
prior to the lapse, BLS could not complete data processing and review until appropriations 
resumed.  

Subsequent PPI data releases will also be delayed.  Revised release dates will be posted at 
www.bls.gov/bls/2025-lapse-revised-release-dates.htm as they become available.

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: November 25, 2025