Transmission of material in this release is embargoed until USDL 24-0269
8:30 a.m. (ET) Friday, February 16, 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 - JANUARY 2024
The Producer Price Index for final demand increased 0.3 percent in January, seasonally adjusted,
the U.S. Bureau of Labor Statistics reported today. Final demand prices declined 0.1 percent in
December 2023 and advanced 0.1 percent in November. (See table A.) On an unadjusted basis,
the index for final demand rose 0.9 percent for the 12 months ended January 2024.
In January, the advance in the index for final demand can be traced to a 0.6-percent rise in prices
for final demand services. In contrast, the index for final demand goods decreased 0.2 percent.
The index for final demand less foods, energy, and trade services rose 0.6 percent in January
2024, the largest advance since moving up 0.6 percent in January 2023. For the 12 months ended
January 2024, prices for final demand less foods, energy, and trade services increased 2.6
percent.
Final Demand
Final demand services: The index for final demand services moved up 0.6 percent in January, the
largest increase since rising 0.8 percent in July 2023. In January, most of the advance is attributable
to prices for final demand services less trade, transportation, and warehousing, which climbed 0.8
percent. The index for final demand trade services moved up 0.2 percent. (Trade indexes measure
changes in margins received by wholesalers and retailers.) Conversely, prices for final demand
transportation and warehousing services fell 0.4 percent.
Product detail: A 2.2-percent increase in the index for hospital outpatient care was a major factor in
the January rise in prices for final demand services. The indexes for chemicals and allied products
wholesaling, machinery and equipment wholesaling, portfolio management, traveler accommodation
services, and legal services also moved higher. In contrast, prices for long-distance motor carrying
decreased 1.0 percent. The indexes for computer hardware, software, and supplies retailing and for
engineering services also moved lower. (See table 2.)
Final demand goods: The index for final demand goods moved down 0.2 percent in January, the
fourth consecutive decline. Most of the January decrease is attributable to a 1.7-percent drop in prices
for final demand energy. The index for final demand foods fell 0.3 percent. Conversely, prices for
final demand goods less foods and energy increased 0.3 percent.
Product detail: Leading the January decline in the index for final demand goods, prices for gasoline
fell 3.6 percent. The indexes for electric power; hay, hayseeds, and oilseeds; beef and veal; ethanol;
and iron and steel scrap also moved lower. In contrast, prices for communication and related
equipment increased 2.4 percent. The indexes for soft drinks and for liquified petroleum gas also
moved higher.
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 |
2023 |
|
Jan. |
0.4 |
0.6 |
1.1 |
-1.4 |
4.7 |
0.6 |
0.1 |
-0.9 |
-0.5 |
0.6 |
5.7 |
4.4 |
Feb. |
0.0 |
0.3 |
-0.6 |
-2.3 |
-1.7 |
0.3 |
0.2 |
-0.1 |
-0.6 |
0.5 |
4.7 |
4.5 |
Mar. |
-0.4 |
0.1 |
-0.8 |
0.3 |
-4.6 |
0.2 |
-0.2 |
-0.7 |
-0.7 |
0.1 |
2.7 |
3.7 |
Apr. |
0.2 |
0.2 |
-0.1 |
-0.7 |
-0.1 |
0.1 |
0.3 |
0.5 |
-2.2 |
0.5 |
2.3 |
3.4 |
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. |
-0.4 |
0.1 |
-1.3 |
0.2 |
-6.5 |
0.1 |
0.1 |
0.0 |
0.5 |
0.0 |
1.0 |
2.8 |
Nov. |
0.1 |
0.1 |
-0.1 |
0.7 |
-1.8 |
0.1 |
0.2 |
0.4 |
-0.2 |
0.1 |
0.7 |
2.5 |
Dec. |
-0.1 |
0.2 |
-0.3 |
-0.7 |
-1.0 |
0.1 |
-0.1 |
-1.0 |
-0.2 |
0.3 |
1.0 |
2.6 |
2024 |
|
Jan. |
0.3 |
0.6 |
-0.2 |
-0.3 |
-1.7 |
0.3 |
0.6 |
0.2 |
-0.4 |
0.8 |
0.9 |
2.6 |
Intermediate Demand by Commodity Type
Within intermediate demand in January, the index for processed goods fell 0.2 percent, prices for
unprocessed goods edged up 0.1 percent, and the index for services rose 0.5 percent. (See tables B
and C.)
Processed goods for intermediate demand: The index for processed goods for intermediate
demand fell 0.2 percent in January, the fourth consecutive decrease. Leading the January decline,
prices for processed energy goods dropped 1.7 percent. The index for processed foods and feeds
moved down 1.5 percent. Conversely, prices for processed materials less foods and energy advanced
0.3 percent. For the 12 months ended in January, the index for processed goods for intermediate
demand decreased 3.8 percent.
Product detail: Leading the decline in prices for processed goods for intermediate demand, the index
for electric power fell 2.1 percent. Prices for basic organic chemicals, gasoline, meats, prepared
animal feeds, and lubricating oil base stocks also moved lower. In contrast, the index for inedible fats
and oils jumped 23.3 percent. Prices for utility natural gas and for cold rolled steel sheet and strip
also increased.
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate
demand inched up 0.1 percent in January following three straight declines. The increase is
attributable to prices for unprocessed energy materials, which rose 3.8 percent. Conversely, the index
for unprocessed foodstuffs and feedstuffs fell 2.2 percent, and prices for unprocessed nonfood
materials less energy moved down 1.7 percent. For the 12 months ended in January, the index for
unprocessed goods for intermediate demand declined 15.0 percent.
Product detail: Leading the rise in prices for unprocessed goods for intermediate demand in January,
the index for crude petroleum advanced 6.1 percent. Prices for slaughter steers and heifers;
construction sand, gravel, and crushed stone; slaughter turkeys; and unprocessed finfish also
increased. In contrast, the index for corn declined 6.5 percent. Prices for hay, hayseeds, and oilseeds;
iron and steel scrap; and natural gas 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 |
| 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 |
|
Jan. |
1.0 |
0.2 |
4.4 |
0.1 |
3.9 |
-4.2 |
-4.8 |
-7.0 |
2.5 |
2.8 |
Feb. |
-0.4 |
-1.9 |
-1.8 |
0.2 |
2.1 |
-5.2 |
-1.3 |
-10.9 |
-0.6 |
-10.4 |
Mar. |
-0.8 |
-0.2 |
-3.1 |
-0.2 |
-1.0 |
-4.6 |
-0.6 |
-11.1 |
-0.6 |
-16.8 |
Apr. |
-0.7 |
-1.3 |
-3.4 |
0.2 |
-3.4 |
0.6 |
-2.2 |
3.7 |
1.0 |
-20.3 |
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. |
-0.5 |
-0.5 |
-1.8 |
-0.2 |
-4.5 |
-2.1 |
-0.4 |
-5.4 |
0.8 |
-14.0 |
Dec. |
-0.5 |
-0.6 |
-2.8 |
0.2 |
-2.7 |
-4.4 |
-3.3 |
-8.6 |
0.6 |
-19.0 |
2024 |
|
Jan. |
-0.2 |
-1.5 |
-1.7 |
0.3 |
-3.8 |
0.1 |
-2.2 |
3.8 |
-1.7 |
-15.0 |
Services for intermediate demand: In January, the index for services for intermediate demand
moved up 0.5 percent, the third consecutive advance. Leading the January increase, prices for
services less trade, transportation, and warehousing for intermediate demand rose 0.7 percent. The
index for trade services for intermediate demand edged up 0.1 percent. Conversely, prices for
transportation and warehousing for intermediate demand declined 0.1 percent. For the 12 months
ended in January, the index for services for intermediate demand advanced 3.1 percent.
Product detail: A 1.6-percent increase in the index for nonresidential real estate rents was a major
factor in the January advance in prices for services for intermediate demand. The indexes for
chemicals and allied products wholesaling; portfolio management; legal services; residential property
management fees; and metals, minerals, and ores wholesaling also moved higher. In contrast, prices
for long-distance motor carrying declined 1.0 percent. The indexes for food and alcohol wholesaling
and for radio advertising time sales also decreased.
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.) |
2023 |
|
Jan. |
0.9 |
0.8 |
0.5 |
1.1 |
6.3 |
Feb. |
0.3 |
-0.7 |
0.0 |
0.6 |
6.2 |
Mar. |
-0.2 |
0.9 |
-0.9 |
-0.4 |
4.5 |
Apr. |
0.6 |
0.9 |
-1.0 |
0.9 |
4.4 |
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. |
-0.1 |
1.4 |
0.4 |
-0.5 |
3.4 |
Nov. |
0.5 |
1.3 |
-0.1 |
0.4 |
3.1 |
Dec. |
0.4 |
-0.3 |
0.8 |
0.5 |
3.5 |
2024 |
|
Jan. |
0.5 |
0.1 |
-0.1 |
0.7 |
3.1 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: The index for stage 4 intermediate demand moved up 0.4 percent in
January, the largest increase since a 0.4-percent rise in August 2023. In January, prices for total
services inputs to stage 4 intermediate demand advanced 0.8 percent. Conversely, the index for total
goods inputs declined 0.2 percent. (See table D.) Increases in the indexes for chemicals and allied
products wholesaling, portfolio management, nonresidential real estate rents, legal services,
residential property management fees, and inedible fats and oils outweighed decreasing prices for
electric power, engineering services, and meats. For the 12 months ended in January, the index for
stage 4 intermediate demand rose 1.5 percent.
Stage 3 intermediate demand: Prices for stage 3 intermediate demand were unchanged in January
following three consecutive declines. In January, a 0.2-percent advance in the index for total services
inputs to stage 3 intermediate demand offset a 0.3-percent decrease in prices for total goods inputs.
Increases in the indexes for chemicals and allied products wholesaling, legal services, nonresidential
real estate rents, slaughter steers and heifers, and inedible fats and oils offset falling prices for corn,
raw milk, slaughter chickens, cable network advertising time sales, and primary basic organic
chemicals. For the 12 months ended in January, the index for stage 3 intermediate demand moved
down 2.6 percent.
Stage 2 intermediate demand: Prices for stage 2 intermediate demand increased 0.5 percent in
January following a 1.4-percent decline in December. The index for total goods inputs to stage 2
intermediate demand advanced 0.6 percent, and prices for total services inputs moved up 0.4 percent.
Increases in the indexes for crude petroleum, legal services, chemicals and allied products
wholesaling, loan services (partial), liquefied petroleum gas, and traveler accommodation services
outweighed declines in the indexes for basic organic chemicals, oilseeds, and fuels and lubricants
retailing. For the 12 months ended in January, prices for stage 2 intermediate demand decreased 3.8
percent.
Stage 1 intermediate demand: Prices for stage 1 intermediate demand rose 0.2 percent in January
following three consecutive declines. In January, the index for total services inputs to stage 1
intermediate demand increased 0.7 percent. In contrast, prices for total goods inputs fell 0.3 percent.
Advances in the indexes for chemicals and allied products wholesaling; inedible fats and oils;
traveler accommodation services; portfolio management; metals, minerals, and ores wholesaling; and
utility natural gas outweighed decreasing prices for basic organic chemicals, electric power, and
engineering services. For the 12 months ended in January, the index for stage 1 intermediate demand
moved down 0.7 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 |
| Total |
Goods
inputs |
Services
inputs |
Total |
Goods
inputs |
Services
inputs |
Total |
Goods
inputs |
Services
inputs |
Total |
Goods
inputs |
Services
inputs |
2023 |
|
Jan. |
1.0 |
0.7 |
1.2 |
0.3 |
-0.2 |
0.8 |
-0.9 |
-2.8 |
0.8 |
0.8 |
0.8 |
0.8 |
Feb. |
0.0 |
-0.1 |
0.2 |
-0.3 |
-0.8 |
0.0 |
-1.5 |
-4.7 |
1.0 |
-0.3 |
-0.5 |
-0.1 |
Mar. |
-0.2 |
-0.4 |
0.0 |
-0.6 |
-0.9 |
-0.3 |
-2.5 |
-4.9 |
-0.6 |
-0.3 |
-0.8 |
0.1 |
Apr. |
0.2 |
-0.2 |
0.6 |
-0.4 |
-1.6 |
0.6 |
0.9 |
1.1 |
0.7 |
-0.2 |
-0.9 |
0.5 |
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 |
-0.6 |
-1.8 |
0.4 |
-0.3 |
-1.2 |
0.3 |
-0.4 |
-0.8 |
-0.1 |
Nov. |
0.2 |
-0.1 |
0.5 |
-0.2 |
-1.1 |
0.6 |
-0.9 |
-2.4 |
0.2 |
-0.1 |
-0.7 |
0.6 |
Dec. |
0.2 |
0.0 |
0.3 |
-0.4 |
-1.6 |
0.6 |
-1.4 |
-3.8 |
0.4 |
-0.2 |
-0.7 |
0.2 |
2024 |
|
Jan. |
0.4 |
-0.2 |
0.8 |
0.0 |
-0.3 |
0.2 |
0.5 |
0.6 |
0.4 |
0.2 |
-0.3 |
0.7 |
________________
The Producer Price Index for February 2024 is scheduled to be released on Thursday, March 14, 2024,
at 8:30 a.m. (ET).
*****
Recalculation of Seasonal Adjustment Factors
Effective with this release, seasonal adjustment factors have been recalculated to reflect price-
movement patterns during 2023 for the Final Demand-Intermediate Demand (FD-ID) system and
commodity-grouping indexes. This routine annual recalculation may affect previously published
seasonally adjusted indexes and percent changes for January 2019 through December 2023.
Revised seasonally adjusted data for this period, as well as seasonal adjustment factors for directly
adjusted commodity indexes to be used through December 2024, were released February 14, 2024.
To obtain this information, contact the Producer Price Index Section of Index Analysis and Public
Information at ppi-info@bls.gov or (202) 691-7705, or visit the Producer Price Index homepage at
www.bls.gov/ppi.
Tables E and F below provide monthly seasonally adjusted percent changes for major FD-ID system
indexes in 2023, based on former and recalculated seasonal factors. These percent changes include
final price data through August 2023 and may differ from values shown in tables A through C of this
release, which include final price data through September 2023 and revised interim data for October
through December.
Table E. Over-the-month percent changes in major final demand indexes, seasonally adjusted, using
former and recalculated seasonal factors for 2023
Final Final demand Final demand Final demand less foods,
demand goods services energy, and trade services
Month Former Recalc. Former Recalc. Former Recalc. Former Recalc.
January 0.4 0.4 1.3 1.1 0.0 0.1 0.5 0.6
February 0.0 0.0 -0.4 -0.6 0.2 0.2 0.3 0.3
March -0.4 -0.4 -1.1 -0.8 -0.1 -0.2 0.1 0.1
April 0.2 0.2 0.1 -0.1 0.2 0.3 0.2 0.2
May -0.3 -0.2 -1.5 -1.2 0.2 0.2 0.0 0.0
June 0.1 0.0 0.0 -0.1 0.1 0.0 0.3 0.2
July 0.5 0.6 0.3 0.2 0.7 0.8 0.2 0.2
August 0.7 0.6 1.9 1.7 0.2 0.2 0.2 0.2
September 0.4 0.4 0.8 0.8 0.2 0.2 0.3 0.3
October -0.4 -0.4 -1.4 -1.3 0.0 0.0 0.1 0.1
November -0.1 -0.1 -0.3 -0.2 0.0 0.0 0.1 0.0
December -0.1 -0.2 -0.4 -0.3 0.0 -0.1 0.2 0.2
Table F. Over-the-month percent changes in major intermediate demand indexes,
seasonally adjusted, using former and recalculated seasonal factors for 2023
Processed goods for Unprocessed goods for Services for
intermediate demand intermediate demand intermediate demand
Month Former Recalculated Former Recalculated Former Recalculated
January 1.1 1.0 -4.7 -4.2 1.0 0.9
February -0.4 -0.4 -4.9 -5.2 0.3 0.3
March -1.0 -0.8 -4.7 -4.6 -0.3 -0.2
April -0.5 -0.7 1.1 0.6 0.7 0.6
May -1.6 -1.4 -5.2 -4.9 0.2 0.1
June -0.5 -0.5 -1.0 -1.2 0.1 0.0
July -0.3 -0.3 2.4 2.5 0.6 0.7
August 2.1 2.0 2.3 2.1 -0.1 -0.1
September 0.6 0.5 3.3 2.9 0.2 0.2
October -1.0 -1.0 -2.0 -1.6 0.0 0.0
November -0.4 -0.6 -2.4 -2.3 0.3 0.3
December -0.6 -0.5 -4.4 -4.3 0.4 0.4
United States Department of Labor
