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8:30 a.m. (ET) Friday, April 11, 2025
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PRODUCER PRICE INDEXES - MARCH 2025
The Producer Price Index for final demand decreased 0.4 percent in March, seasonally adjusted,
the U.S. Bureau of Labor Statistics reported today. Final demand prices increased 0.1 percent in
February and 0.6 percent in January. (See table A.) On an unadjusted basis, the index for final
demand advanced 2.7 percent for the 12 months ended in March.
In March, over 70 percent of the decrease in the index for final demand can be traced to prices
for final demand goods, which fell 0.9 percent. The index for final demand services declined 0.2
percent.
Prices for final demand less foods, energy, and trade services edged up 0.1 percent in March after
increasing 0.4 percent in each of the previous 3 months. For the 12 months ended in March, the
index for final demand less foods, energy, and trade services advanced 3.4 percent.
Final Demand
Final demand goods: Prices for final demand goods moved down 0.9 percent in March, the largest
decrease since falling 1.4 percent in October 2023. Over three-fourths of the March decline is
attributable to a 4.0-percent drop in the index for final demand energy. Prices for final demand foods
decreased 2.1 percent. In contrast, the index for final demand goods less foods and energy rose 0.3
percent.
Product detail: Two-thirds of the March decline in the index for final demand goods can be traced to
an 11.1-percent drop in prices for gasoline. The indexes for chicken eggs, beef and veal, fresh and
dry vegetables, diesel fuel, and jet fuel also moved lower. Conversely, prices for steel mill products
increased 7.1 percent. The indexes for residential electric power and for processed young chickens
also advanced. (See table 2.)
Final demand services: Prices for final demand services fell 0.2 percent in March, the largest
decline since moving down 0.2 percent in July 2024. Leading the March decrease, margins for final
demand trade services dropped 0.7 percent. (Trade indexes measure changes in margins received by
wholesalers and retailers.) Prices for final demand transportation and warehousing services moved
down 0.6 percent. In contrast, the index for final demand services less trade, transportation, and
warehousing increased 0.1 percent.
Product detail: A 1.3-percent decrease in the index for machinery and vehicle wholesaling was a
major factor in the March decline in prices for final demand services. The indexes for airline
passenger services; food retailing; apparel, jewelry, footwear, and accessories retailing; automobiles
retailing (partial); and guestroom rental also moved lower. Conversely, prices for legal services rose
1.5 percent. The indexes for chemicals and allied products wholesaling and for long-distance motor
carrying also advanced.
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 |
|
Mar. |
0.1 |
0.2 |
-0.1 |
-0.1 |
-0.9 |
0.0 |
0.1 |
-0.3 |
0.3 |
0.3 |
2.0 |
2.9 |
Apr. |
0.5 |
0.5 |
0.3 |
-0.1 |
1.0 |
0.3 |
0.6 |
0.5 |
-0.6 |
0.7 |
2.3 |
3.2 |
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 |
0.4 |
2.2 |
0.3 |
3.4 |
3.5 |
2025 |
|
Jan. |
0.6 |
0.4 |
0.7 |
1.0 |
2.0 |
0.2 |
0.5 |
0.9 |
1.0 |
0.3 |
3.7 |
3.4 |
Feb. |
0.1 |
0.4 |
0.3 |
1.8 |
-1.3 |
0.3 |
0.0 |
-1.1 |
0.1 |
0.5 |
3.2 |
3.5 |
Mar. |
-0.4 |
0.1 |
-0.9 |
-2.1 |
-4.0 |
0.3 |
-0.2 |
-0.7 |
-0.6 |
0.1 |
2.7 |
3.4 |
Intermediate Demand by Commodity Type
Within intermediate demand in March, the index for processed goods was unchanged, prices for
unprocessed goods fell 4.1 percent, and the index for services declined 0.1 percent. (See tables B and
C.)
Processed goods for intermediate demand: Prices for processed goods for intermediate demand
were unchanged in March following a 0.4-percent increase in February. In March, a 0.9-percent rise
in the index for processed materials less foods and energy offset price decreases for processed energy
goods and for processed foods and feeds, which fell 3.2 percent and 0.5 percent, respectively. For the
12 months ended in March, the index for processed goods for intermediate demand advanced 0.9
percent.
Product detail: Among prices for processed goods for intermediate demand in March, the index for
steel mill products rose 7.1 percent. Prices for structural, architectural, and pre-engineered metal
products; primary basic organic chemicals; industrial electric power; and plastic resins and materials
also moved higher. In contrast, the index for gasoline fell 11.1 percent. Prices for diesel fuel, jet fuel,
beef and veal, and unitary air-conditioners (except heat pumps) also declined.
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate
demand moved down 4.1 percent in March, the largest decrease since falling 5.1 percent in May
2023. Nearly three-fourths of the March decline is attributable to prices for unprocessed foodstuffs
and feedstuffs, which dropped 7.5 percent. The index for unprocessed energy materials decreased 3.3
percent. Conversely, prices for unprocessed nonfood materials less energy advanced 0.4 percent. For
the 12 months ended in March, the index for unprocessed goods for intermediate demand rose 7.1
percent.
Product detail: In March, a 36.2-percent drop in prices for ungraded chicken eggs was a major factor
in the decline in the index for unprocessed goods for intermediate demand. Prices for crude
petroleum; raw milk; strawberries; hay, hayseeds, and oilseeds; and slaughter barrows and gilts also
moved lower. In contrast, the index for nonferrous metals increased 2.6 percent. Prices for natural gas
and for slaughter steers and heifers 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 |
|
Mar. |
-0.5 |
0.1 |
-0.6 |
-0.5 |
-1.8 |
-1.4 |
1.6 |
-5.4 |
0.7 |
-6.3 |
Apr. |
0.5 |
-0.1 |
1.2 |
0.4 |
-0.6 |
2.4 |
0.0 |
6.0 |
0.7 |
-5.0 |
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. |
1.1 |
0.8 |
3.7 |
0.4 |
1.0 |
5.8 |
2.4 |
12.6 |
1.1 |
8.4 |
Feb. |
0.4 |
2.2 |
0.2 |
0.3 |
0.4 |
0.9 |
5.1 |
-4.0 |
2.2 |
10.1 |
Mar. |
0.0 |
-0.5 |
-3.2 |
0.9 |
0.9 |
-4.1 |
-7.5 |
-3.3 |
0.4 |
7.1 |
Services for intermediate demand: The index for services for intermediate demand edged down 0.1
percent in March after rising 0.2 percent in February. Leading the decline, prices for services less
trade, transportation, and warehousing for intermediate demand fell 0.2 percent. The index for
transportation and warehousing services for intermediate demand inched down 0.1 percent.
Conversely, margins for trade services for intermediate demand advanced 0.1 percent. For the 12
months ended in March, prices for services for intermediate demand rose 2.0 percent.
Product detail: A 2.3-percent decrease in the index for loan services (partial) was a major factor in
the March decline in prices for services for intermediate demand. The indexes for gross rents for
retail properties; airline passenger services; television advertising time sales; and building materials,
paint, and hardware wholesaling also fell. In contrast, margins for metals, minerals, and ores
wholesaling increased 5.2 percent. Prices for staffing services, legal services, and long-distance
motor carrying 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.) |
2024 |
|
Mar. |
0.2 |
0.1 |
0.0 |
0.3 |
3.8 |
Apr. |
0.2 |
-0.4 |
0.4 |
0.4 |
3.4 |
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. |
0.5 |
-0.1 |
1.1 |
0.6 |
3.1 |
2025 |
|
Jan. |
-0.1 |
-0.1 |
0.4 |
-0.2 |
2.2 |
Feb. |
0.2 |
1.1 |
-0.1 |
0.0 |
2.3 |
Mar. |
-0.1 |
0.1 |
-0.1 |
-0.2 |
2.0 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: The index for stage 4 intermediate demand decreased 0.1 percent in
March, the first decline since edging down 0.1 percent in May 2024. In March, prices for total
services inputs to stage 4 intermediate demand fell 0.1 percent, while the index for total goods inputs
was unchanged. (See table D.) Lower prices for gross rents for retail properties, gasoline, loan
services (partial), strawberries, and commercial electric power outweighed increases in the indexes
for structural, architectural, and pre-engineered metal products; steel mill products; metals, minerals,
and ores wholesaling; and chemicals and allied products wholesaling. For the 12 months ended in
March, prices for stage 4 intermediate demand rose 2.3 percent.
Stage 3 intermediate demand: The index for stage 3 intermediate demand moved down 1.0 percent
in March, the largest decrease since falling 1.3 percent in May 2023. In March, prices for total goods
inputs to stage 3 intermediate demand declined 2.2 percent, while the index for total services inputs
was unchanged. Lower prices for raw milk, ungraded chicken eggs, diesel fuel, jet fuel, television
advertising time sales, and gasoline outweighed advances in the indexes for steel mill products;
staffing services; and metals, minerals, and ores wholesaling. For the 12 months ended in March,
prices for stage 3 intermediate demand increased 1.4 percent.
Stage 2 intermediate demand: The index for stage 2 intermediate demand declined 0.5 percent in
March following a 0.7-percent decrease in February. In March, prices for total goods inputs to stage 2
intermediate demand fell 1.2 percent, and the index for total services inputs edged down 0.1 percent.
Lower prices for crude petroleum, loan services (partial), prepared animal feeds, deposit services,
(partial), oilseeds, and coal outweighed advances in the indexes for gas fuels, legal services, and
staffing services. For the 12 months ended in March, prices for stage 2 intermediate demand
increased 2.7 percent.
Stage 1 intermediate demand: The index for stage 1 intermediate demand fell 0.1 percent in March,
the first decrease since edging down 0.1 percent in November 2024. In March, prices for total
services inputs to stage 1 intermediate demand declined 0.3 percent. Conversely, the index for total
goods inputs rose 0.1 percent. Lower prices for gross rents for retail properties, diesel fuel, gasoline,
airline passenger services, and data processing and related services outweighed increases in the
indexes for steel mill products; metals, minerals, and ores wholesaling; structural, architectural, and
pre-engineered metal products; and chemicals and allied products wholesaling. For the 12 months
ended in March, prices for stage 1 intermediate demand moved up 1.4 percent, the largest 12-month
advance since rising 1.7 percent in July 2024.
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 |
|
Mar. |
0.1 |
-0.2 |
0.4 |
-0.1 |
-0.2 |
0.0 |
-0.9 |
-2.4 |
0.1 |
-0.2 |
-0.7 |
0.3 |
Apr. |
0.4 |
0.4 |
0.4 |
0.2 |
0.3 |
0.1 |
1.3 |
2.8 |
0.2 |
0.3 |
0.4 |
0.1 |
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. |
0.4 |
0.2 |
0.6 |
0.3 |
0.2 |
0.5 |
1.4 |
2.7 |
0.5 |
0.4 |
0.0 |
0.7 |
2025 |
|
Jan. |
0.3 |
0.4 |
0.2 |
0.9 |
2.0 |
-0.1 |
1.9 |
5.6 |
-0.6 |
0.7 |
1.2 |
0.2 |
Feb. |
0.3 |
0.3 |
0.3 |
0.8 |
1.8 |
0.0 |
-0.7 |
-1.4 |
-0.1 |
0.3 |
0.6 |
0.1 |
Mar. |
-0.1 |
0.0 |
-0.1 |
-1.0 |
-2.2 |
0.0 |
-0.5 |
-1.2 |
-0.1 |
-0.1 |
0.1 |
-0.3 |
________________
The Producer Price Index for April 2025 is scheduled to be released on Thursday, May 15, 2025,
at 8:30 a.m. (ET).
United States Department of Labor
