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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 23-0070
8:30 a.m. (ET) Wednesday, January 18, 2023

Technical information:      (202) 691-7705  *  ppi-info@bls.gov  *  www.bls.gov/ppi
Media contact:              (202) 691-5902  *  PressOffice@bls.gov   


                          PRODUCER PRICE INDEXES - DECEMBER 2022


The Producer Price Index for final demand declined 0.5 percent in December, seasonally 
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.2 
percent in November and 0.4 percent in October. (See table A.) On an unadjusted basis, the 
index for final demand increased 6.2 percent in 2022 after rising 10.0 percent in 2021. 

In December, the decrease in the final demand index can be attributed to a 1.6-percent decline in 
prices for final demand goods. In contrast, the index for final demand services rose 0.1 percent.

Prices for final demand less foods, energy, and trade services edged up 0.1 percent in December 
after increasing 0.3 percent in November. The index for final demand less foods, energy, and 
trade services advanced 4.6 percent in 2022 following a 7.0-percent rise in 2021. 

Final Demand

Final demand goods: Prices for final demand goods moved down 1.6 percent in December, the 
largest decrease since falling 1.8 percent in July. Leading the December decline, the index for final 
demand energy dropped 7.9 percent. Prices for final demand foods decreased 1.2 percent. 
Conversely, the index for final demand goods less foods and energy advanced 0.2 percent. 

Product detail: Nearly half of the December decrease in the index for final demand goods can be 
traced to a 13.4-percent decline in prices for gasoline. The indexes for diesel fuel; jet fuel; fresh and 
dry vegetables; canned, cooked, smoked, or prepared poultry; and basic organic chemicals also fell. 
In contrast, prices for carbon steel scrap increased 8.3 percent. The indexes for chicken eggs and for 
electric power also moved higher. (See table 2.)

Final demand services: Prices for final demand services edged up 0.1 percent in December after 
rising 0.2 percent in November. The December increase can be traced to margins for final demand 
trade services, which advanced 0.3 percent. (Trade indexes measure changes in margins received by 
wholesalers and retailers.) Conversely, the index for final demand transportation and warehousing 
services fell 0.2 percent, while prices for final demand services less trade, transportation, and 
warehousing were unchanged. 

Product detail: A major factor in the December increase in prices for final demand services was a 
17.6-percent jump in margins for fuels and lubricants retailing. The indexes for deposit services 
(partial), airline passenger services, inpatient care, and professional and commercial equipment 
wholesaling also moved higher. In contrast, prices for truck transportation of freight decreased 1.7 
percent. The indexes for residential real estate loans (partial), machinery and vehicle wholesaling, 
and guestroom rental 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

2021

Dec.

0.6 0.4 -0.1 -0.2 -1.4 0.4 0.9 1.9 1.6 0.3 10.0 7.0

2022

Jan.

1.2 0.8 1.6 1.8 4.1 0.8 0.9 1.3 0.0 0.8 10.1 6.9

Feb.

1.1 0.2 2.2 1.9 7.2 0.8 0.5 1.7 2.0 -0.3 10.4 6.7

Mar.

1.7 1.0 2.4 2.4 6.6 1.1 1.3 2.3 5.6 0.4 11.7 7.1

Apr.

0.5 0.4 1.3 1.5 1.5 1.1 0.0 0.1 2.1 -0.2 11.2 6.8

May

0.8 0.5 1.5 0.4 4.8 0.7 0.4 0.6 2.5 0.1 11.1 6.8

June

0.9 0.3 2.2 -0.1 8.9 0.5 0.3 0.3 0.8 0.2 11.2 6.4

July

-0.4 0.2 -1.8 1.2 -9.1 0.1 0.2 0.7 -0.5 0.0 9.7 5.8

Aug.(1)

-0.1 0.2 -1.0 -0.1 -5.4 0.2 0.5 1.0 -1.1 0.4 8.7 5.6

Sept.(1)

0.3 0.3 0.3 1.5 0.3 0.0 0.3 -0.2 -0.3 0.6 8.5 5.7

Oct.(1)

0.4 0.2 0.6 0.7 2.5 0.0 0.2 0.1 0.4 0.2 8.2 5.5

Nov.(1)

0.2 0.3 0.1 3.3 -3.2 0.3 0.2 0.0 -0.9 0.4 7.3 4.9

Dec.

-0.5 0.1 -1.6 -1.2 -7.9 0.2 0.1 0.3 -0.2 0.0 6.2 4.6

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 2022 through November 2022 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in December, prices for processed goods decreased 2.8 percent, the 
index for unprocessed goods rose 3.4 percent, and prices for services increased 0.4 percent. (See 
tables B and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate 
demand moved down 2.8 percent in December, the largest decline since falling 3.4 percent in April 
2020. Over 80 percent of the broad-based decrease in December is attributable to prices for 
processed energy goods, which dropped 10.9 percent. The indexes for processed materials less foods 
and energy and for processed foods and feeds also moved down, 0.5 percent and 0.8 percent, 
respectively. In 2022, prices for processed goods for intermediate demand increased 4.7 percent after 
jumping 24.4 percent in 2021.

Product detail: Nearly two-thirds of the December decline in the index for processed goods for 
intermediate demand can be traced to a 27.0-percent drop in prices for diesel fuel. The indexes for 
gasoline; basic organic chemicals; jet fuel; asphalt; and canned, cooked, smoked, or prepared poultry 
also moved lower. Conversely, prices for electric power advanced 1.0 percent. The indexes for beef 
and veal and for primary nonferrous metals also increased. 

Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate 
demand rose 3.4 percent in December following three consecutive declines. Leading the increase, the 
index for unprocessed energy materials advanced 9.5 percent. Prices for unprocessed nonfood 
materials less energy moved up 0.6 percent. In contrast, the index for unprocessed foodstuffs and 
feedstuffs fell 1.5 percent. In 2022, prices for unprocessed goods for intermediate demand moved up 
11.7 percent following a 40.0-percent jump in 2021.

Product detail: A major factor in the increase in prices for unprocessed goods for intermediate 
demand was the index for natural gas, which surged 45.3 percent. Prices for ungraded chicken eggs, 
carbon steel scrap, hay and hayseeds, slaughter turkeys, and aluminum base scrap also moved up. 
Conversely, the index for grains declined 5.9 percent. Prices for crude petroleum and for raw cotton 
also decreased. 

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.)

2021

Dec.

-0.1 0.1 -2.7 0.6 24.4 -4.8 3.8 -12.1 -1.8 40.0

2022

Jan.

2.2 2.6 4.7 1.5 24.8 3.1 2.9 4.2 1.1 36.4

Feb.

1.5 2.1 5.8 0.4 23.3 9.8 5.4 18.2 1.5 33.5

Mar.

2.3 2.1 7.3 0.9 22.1 2.9 7.7 -4.3 9.7 43.3

Apr.

2.0 3.2 4.4 1.2 22.0 5.5 4.2 9.3 1.3 50.1

May

2.3 1.1 4.5 1.8 21.6 5.4 0.2 14.6 -4.2 46.4

June

2.0 0.0 8.8 0.1 21.9 4.8 -0.4 11.1 -2.0 50.3

July

-2.3 0.3 -8.8 -0.4 17.2 -9.3 -1.9 -14.3 -7.2 32.5

Aug.(1)

-1.4 -0.1 -4.4 -0.6 14.3 4.6 -1.6 10.9 0.4 36.9

Sept.(1)

-0.1 -0.2 2.0 -0.8 12.9 -3.0 1.1 -6.6 0.0 29.1

Oct.(1)

-0.1 -0.1 1.9 -0.7 10.2 -10.2 -1.5 -18.3 -5.1 9.1

Nov.(1)

-0.8 0.7 -3.2 -0.2 7.7 -3.7 -0.1 -8.0 -0.9 2.8

Dec.

-2.8 -0.8 -10.9 -0.5 4.7 3.4 -1.5 9.5 0.6 11.7

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 2022 through November 2022 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 rose 0.4 percent 
in December, the sixth consecutive increase. Over 70 percent of the December advance can be 
attributed to prices for services less trade, transportation, and warehousing for intermediate demand, 
which moved up 0.5 percent. The index for trade services for intermediate demand increased 0.6 
percent. In contrast, prices for transportation and warehousing services for intermediate demand fell 
0.1 percent. In 2022, the index for services for intermediate demand rose 6.4 percent following an 
8.3-percent advance in 2021. 

Product detail: Over 40 percent of the December rise in the index for services for intermediate 
demand can be traced to a 16.4-percent increase in prices for deposit services (partial). The indexes 
for fuels and lubricants retailing, business loans (partial), gross rents for retail properties, paper and 
plastics products wholesaling, and airline passenger services also advanced. Conversely, prices for 
truck transportation of freight fell 1.7 percent. The indexes for investment banking and for chemicals 
and allied products wholesaling 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.)

2021

Dec.

0.8 1.5 1.6 0.5 8.3

2022

Jan.

0.8 1.4 0.6 0.6 7.9

Feb.

0.2 1.4 0.4 -0.2 7.8

Mar.

1.3 4.4 2.1 0.0 8.4

Apr.

0.9 1.0 1.7 0.6 8.0

May

0.5 0.6 0.6 0.4 7.9

June

-0.3 -0.7 0.1 -0.3 6.3

July

0.3 0.0 1.0 0.2 5.9

Aug.(1)

0.6 -1.1 -0.4 1.4 6.0

Sept.(1)

0.4 -0.1 -0.7 0.9 6.1

Oct.(1)

0.4 0.1 0.7 0.5 6.6

Nov.(1)

0.8 1.3 -1.3 1.1 6.9

Dec.

0.4 0.6 -0.1 0.5 6.4

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 2022 through November 2022 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 declined 0.3 percent in 
December following four consecutive increases. In December, the index for total goods inputs to 
stage 4 intermediate demand fell 0.9 percent. In contrast, prices for total services inputs rose 0.3 
percent. (See table D.) Decreases in the indexes for diesel fuel; gasoline; grains; strawberries; 
canned, cooked, smoked, or prepared poultry; and portfolio management outweighed increases in 
prices for deposit services (partial), gross rents for retail properties, and electric power. In 2022, the 
index for stage 4 intermediate demand moved up 6.0 percent after rising 12.6 percent in 2021. 

Stage 3 intermediate demand: The index for stage 3 intermediate demand declined 2.1 percent in 
December, the largest decrease since dropping 5.4 percent in April 2020. In December, prices for 
total goods inputs to stage 3 intermediate demand fell 4.5 percent. Conversely, the index for total 
services inputs rose 0.3 percent. Decreases in prices for diesel fuel, jet fuel, slaughter chickens, 
grains, raw milk, and truck transportation of freight outweighed advances in the indexes for deposit 
services (partial), ungraded chicken eggs, and hay and hayseeds. In 2022, prices for stage 3 
intermediate demand increased 4.9 percent after jumping 20.8 percent in 2021. 

Stage 2 intermediate demand: Prices for stage 2 intermediate demand advanced 2.2 percent in 
December following three consecutive declines. In December, the index for total goods inputs to 
stage 2 intermediate demand rose 3.5 percent, and prices for total services inputs increased 1.1 
percent. Advances in the indexes for natural gas, deposit services (partial), fuels and lubricants 
retailing, business loans (partial), carbon steel scrap, and aluminum base scrap outweighed declines 
in prices for crude petroleum, basic organic chemicals, and guestroom rental. In 2022, the index for 
stage 2 intermediate demand rose 8.7 percent after jumping 21.6 percent in 2021. 

Stage 1 intermediate demand: The index for stage 1 intermediate demand declined 1.7 percent in 
December, the largest decrease since falling 1.9 percent in July. In December, prices for total goods 
inputs to stage 1 intermediate demand dropped 3.2 percent. The index for total services inputs was 
unchanged. Decreases in prices for diesel fuel, basic organic chemicals, gasoline, grains, guestroom 
rental, and investment banking outweighed increases in the indexes for gross rents for retail 
properties, fuels and lubricants retailing, and carbon steel scrap. In 2022, prices for stage 1 
intermediate demand advanced 5.5 percent following a 17.8-percent rise in 2021.

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

2021

Dec.

0.7 0.5 0.8 0.8 0.7 0.9 -2.2 -5.6 1.2 0.4 0.0 0.8

2022

Jan.

1.5 2.1 1.0 1.6 2.6 0.7 1.4 2.7 0.1 1.4 1.8 1.0

Feb.

0.6 1.2 0.0 1.4 2.6 0.1 4.3 8.4 0.3 1.0 1.6 0.2

Mar.

1.2 1.6 0.8 3.1 4.5 1.6 0.8 0.3 1.3 2.8 3.3 2.2

Apr.

1.0 1.2 0.7 2.5 3.7 1.3 2.8 4.7 0.7 1.7 2.4 0.9

May

0.9 1.4 0.4 1.7 2.6 0.6 3.6 6.8 0.3 1.5 2.3 0.7

June

0.4 1.1 -0.3 0.5 1.4 -0.5 2.9 5.4 0.0 1.0 2.4 -0.6

July

-0.4 -0.9 0.0 -1.4 -3.0 0.4 -4.2 -8.4 1.0 -1.9 -3.2 -0.5

Aug.(1)

0.3 0.0 0.6 -1.6 -3.1 0.1 3.1 4.7 1.3 -0.6 -1.4 0.4

Sept.(1)

0.4 0.1 0.6 -0.1 -0.2 0.0 -1.8 -3.9 0.5 0.3 0.4 0.2

Oct.(1)

0.1 -0.1 0.2 -0.1 -0.6 0.5 -4.7 -9.9 0.8 0.1 -0.2 0.4

Nov.(1)

0.4 -0.3 1.0 -0.5 -1.4 0.4 -1.3 -3.3 0.6 -0.1 -1.1 0.9

Dec.

-0.3 -0.9 0.3 -2.1 -4.5 0.3 2.2 3.5 1.1 -1.7 -3.2 0.0

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 2022 through November 2022 have been revised to reflect the availability of late reports and corrections by respondents.

________________
The Producer Price Index for January 2023 is scheduled to be released on Thursday, February 16, 2023, 
at 8:30 a.m. (ET).

                                            *****

          Recalculated Seasonal Adjustment Factors and Relative Importance Figures to be 
                               Available on February 14, 2023

Each year with the release of PPI data for January, seasonal adjustment factors and relative 
importance figures are recalculated to reflect price movements from the just-completed calendar 
year. The following information relating to the seasonal-factor update will be available on 
February 14, 2023 (2 workdays prior to the release of PPI data for January 2023 on February 16, 
2023):

*  Direct seasonal factors for PPI commodity indexes for the year 2023,
*  Recalculated seasonal factors for the last 5 years (2018-2022) for PPI commodity indexes, 
*  Recalculated seasonal factors for the last 5 years (2018-2022) for PPI Final Demand-
   Intermediate Demand indexes, 
*  Recalculated seasonal index data for the last 5 years (2018-2022) for Final Demand-
   Intermediate Demand and commodity indexes. This revision to seasonally adjusted indexes 
   for the previous 5 years will be posted to the PPI database on the BLS website. 

In addition, the following relative importance tables, which include values for December 2022, 
will be available on February 14, 2023:  

*  Final demand by individual commodities
*  Final demand by component series
*  Individual commodities of intermediate demand by commodity type
*  Component series of intermediate demand by commodity type
*  Individual commodities of intermediate demand by production flow
*  Component series of intermediate demand by production flow
*  Commodities, all levels
*  Wherever-provided services and construction

This information will be available on the PPI website at www.bls.gov/ppi or by contacting the 
PPI Section of Index Analysis and Public Information at ppi-info@bls.gov or (202) 691-7705.


                                            *****

               PPI Weights to be Updated to Reflect 2017 Census Shipment Values

With the release of January 2023 Producer Price Index (PPI) data on February 16, 2023, the 
Bureau of Labor Statistics will update PPI value weights to more accurately reflect recent 
production and marketing patterns. The updated weights will be constructed using 2017 value of 
shipments data from the Census of Manufactures, the Census of Mining, the Census of Services, 
and the Census of Agriculture. These data were collected in accordance with the North American 
Product Classification System (NAPCS). From January 2018 through December 2022, PPI 
weights have been based on 2012 North American Industry Classification System (NAICS) 
shipment values.

All PPIs will be affected by this weight update, including all industry net output indexes, as well 
as indexes for traditional commodity groupings. In addition, weights will be updated from the 
2012 to the 2017 Economic Census for all Final Demand-Intermediate Demand (FD-ID) indexes, 
special commodity-grouping indexes, and inputs to industry indexes. This weight revision will 
not result in changes to the reference base for indexes, the dates when PPIs are set to 100.

It is important to note that the basic structures of the PPI commodity and FD-ID classification 
systems will not change as a result of the weight revision. However, PPIs classified according to 
the NAICS will be updated to reflect 2022 NAICS definitions established by the U.S. Census 
Bureau. The weight update also will result in shifting relative importance values. These shifts 
will impact aggregate indexes in a manner commensurate with the relative gains and losses in 
value weights from 2012 to 2017.

In addition, PPI sample updates normally occurring with the release of October 2022 and 
February 2023 data will be combined and released in conjunction with the release of January 
2023 PPI data in February 2023. 

Commodity and FD-ID relative importance figures for December 2022 will be released on 
February 14, 2023, two business days prior to the release of January 2023 PPI data. This 
information will be available on the PPI website at www.bls.gov/ppi/tables/. Following the 
January 2023 PPI data release, a concordance between Census product codes and PPI commodity 
codes will be available upon request by contacting the PPI Section of Index Analysis and Public 
Information at ppi-info@bls.gov or (202) 691-7705.

Last Modified Date: January 18, 2023