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Economic News Release
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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

Technical information:      (202) 691-7705  *  ppi-info@bls.gov  *  www.bls.gov/ppi
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.)
Total Foods Energy Less
foods
and
energy
Total Trade Transportation
and
warehousing
Other

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
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
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
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).

Last Modified Date: September 12, 2024