Transmission of material in this release is embargoed until USDL 26-0044
8:30 a.m. (ET) Wednesday, January 14, 2026
Technical information: (202) 691-7705 * ppi-info@bls.gov * www.bls.gov/ppi
Media contact: (202) 691-5902 * PressOffice@bls.gov
PRODUCER PRICE INDEXES - NOVEMBER 2025
The Producer Price Index for final demand increased 0.2 percent in November, seasonally
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices edged up 0.1
percent in October and advanced 0.6 percent in September. (See table A.) On an unadjusted
basis, the index for final demand rose 3.0 percent for the 12 months ended in November.
The November increase in prices for final demand can be traced to a 0.9-percent advance in the
index for final demand goods. Prices for final demand services were unchanged.
The index for final demand less foods, energy, and trade services advanced 0.2 percent in
November after moving up 0.7 percent in October. For the 12 months ended in November, prices
for final demand less foods, energy, and trade services climbed 3.5 percent, the largest 12-month
increase since rising 3.5 percent in March.
Final Demand
Final demand goods: The index for final demand goods advanced 0.9 percent in November, the
largest rise since moving up 0.9 percent in February 2024. Over 80 percent of the November increase
can be traced to prices for final demand energy, which jumped 4.6 percent. The index for final
demand goods less foods and energy advanced 0.2 percent, while prices for final demand foods were
unchanged.
Product detail: More than half of the November rise in the index for final demand goods is
attributable to prices for gasoline, which moved up 10.5 percent. The indexes for electric power,
diesel fuel, fresh fruits and melons, jet fuel, and light motor trucks also increased. (Most new-model-
year passenger cars and light motor trucks were introduced into the PPI in October and November.
See notice on Quality Changes for 2026 Model Vehicles at the end of this release.) In contrast, prices
for residual fuels declined 8.6 percent. The indexes for beef and veal and for basic organic chemicals
also decreased. (See table 2.)
Final demand services: Prices for final demand services were unchanged in November following a
0.3-percent increase in October. In November, the indexes for final demand services less trade,
transportation, and warehousing and for final demand transportation and warehousing services both
advanced 0.3 percent. Conversely, margins for final demand trade services fell 0.8 percent. (Trade
indexes measure changes in margins received by wholesalers and retailers.)
Product detail: Within final demand services in November, prices for bundled wired
telecommunications access services rose 4.6 percent. The indexes for machinery and vehicle
wholesaling, portfolio management, outpatient care (partial), and game software publishing also
moved up. In contrast, margins for health, beauty, and optical goods retailing decreased 4.3 percent.
The indexes for automobile retailing (partial), chemicals and allied products wholesaling, guestroom
rental, and food and alcohol retailing 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 |
2024 |
|
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 |
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 |
0.1 |
0.1 |
0.3 |
0.0 |
1.1 |
0.2 |
0.0 |
-0.1 |
-0.7 |
0.1 |
2.4 |
2.6 |
July |
0.8 |
0.7 |
0.6 |
1.4 |
0.7 |
0.4 |
0.9 |
1.0 |
1.5 |
0.7 |
3.2 |
2.9 |
Aug. |
-0.2 |
0.3 |
0.2 |
0.0 |
-0.3 |
0.4 |
-0.3 |
-1.9 |
0.6 |
0.3 |
2.7 |
2.9 |
Sept. |
0.6 |
0.2 |
0.8 |
0.8 |
2.9 |
0.2 |
0.5 |
1.2 |
0.8 |
0.2 |
3.0 |
3.0 |
Oct. |
0.1 |
0.7 |
-0.4 |
-0.4 |
-3.2 |
0.4 |
0.3 |
-0.8 |
0.0 |
0.8 |
2.8 |
3.4 |
Nov. |
0.2 |
0.2 |
0.9 |
0.0 |
4.6 |
0.2 |
0.0 |
-0.8 |
0.3 |
0.3 |
3.0 |
3.5 |
Intermediate Demand by Commodity Type
Within intermediate demand in November, prices for processed goods increased 0.6 percent, the
index for unprocessed goods rose 0.4 percent, and prices for services advanced 0.2 percent. (See
tables B and C.)
Processed goods for intermediate demand: The index for processed goods for intermediate
demand moved up 0.6 percent in November, the largest increase since rising 0.8 percent in July. Most
of the November advance is attributable to prices for processed energy goods, which climbed 3.0
percent. The index for processed materials less foods and energy edged up 0.1 percent. Conversely,
prices for processed foods and feeds declined 0.3 percent. For the 12 months ended in November, the
index for processed goods for intermediate demand increased 3.6 percent.
Product detail: Nearly three-fourths of the November advance in the index for processed goods for
intermediate demand can be traced to a 12.4-percent rise in prices for diesel fuel. The indexes for
gasoline, primary nonferrous metals, commercial electric power, utility natural gas, and jet fuel also
increased. In contrast, prices for sugar and confectionery products fell 1.3 percent. The indexes for
basic organic chemicals and for residual fuels also decreased.
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate
demand rose 0.4 percent in November, the first increase since moving up 1.6 percent in July. Leading
the November advance, prices for unprocessed energy materials climbed 1.4 percent. The index for
unprocessed nonfood materials less energy rose 1.1 percent. Conversely, prices for unprocessed
foodstuffs and feedstuffs declined 0.9 percent. For the 12 months ended in November, the index for
unprocessed goods for intermediate demand inched up 0.1 percent.
Product detail: A 10.8-percent increase in the index for natural gas was a major factor in the
November advance in prices for unprocessed goods for intermediate demand. The indexes for hay,
hayseeds, and oilseeds; nonferrous metals; fresh fruits and melons; corn; and wheat also moved
higher. In contrast, prices for slaughter steers and heifers fell 5.0 percent. The indexes for crude
petroleum and for recyclable paper 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.) |
2024 |
|
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 |
0.1 |
0.7 |
-2.0 |
0.6 |
1.8 |
-1.6 |
1.2 |
-5.0 |
-1.3 |
-1.2 |
June |
-0.1 |
-0.3 |
-0.2 |
-0.1 |
1.8 |
2.2 |
0.7 |
5.1 |
0.7 |
0.6 |
July |
0.8 |
-0.1 |
3.1 |
0.4 |
2.1 |
1.6 |
1.3 |
1.9 |
1.6 |
0.2 |
Aug. |
0.4 |
0.7 |
0.0 |
0.4 |
2.6 |
-1.7 |
-0.3 |
-4.2 |
-0.4 |
1.8 |
Sept. |
0.3 |
0.8 |
0.5 |
0.2 |
3.7 |
0.0 |
1.6 |
-3.0 |
1.4 |
3.5 |
Oct. |
-0.3 |
-1.6 |
-1.4 |
0.1 |
3.1 |
-1.4 |
-3.0 |
-3.2 |
3.4 |
-0.3 |
Nov. |
0.6 |
-0.3 |
3.0 |
0.1 |
3.6 |
0.4 |
-0.9 |
1.4 |
1.1 |
0.1 |
Services for intermediate demand: The index for services for intermediate demand moved up 0.2
percent in November following a 0.3-percent advance in October. Half of the broad-based increase in
November can be traced to prices for services less trade, transportation, and warehousing for
intermediate demand, which rose 0.2 percent. The indexes for transportation and warehousing
services for intermediate demand and for trade services for intermediate demand also moved up, 0.5
percent and 0.2 percent, respectively. For the 12 months ended in November, prices for services for
intermediate demand advanced 2.5 percent, the largest increase since rising 2.6 percent in March.
Product detail: Over half of the increase in the index for services for intermediate demand can be
attributed to a 4.2-percent jump in prices for management consulting services. The indexes for
machinery and equipment parts and supplies wholesaling; metals, minerals, and ores wholesaling;
courier, messenger, and U.S. postal services; bundled wired telecommunications access services; and
temporary help services also moved higher. Conversely, prices for business loans (partial) fell 4.5
percent. The indexes for chemicals and allied products wholesaling and for deep sea water
transportation of freight 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.) |
2024 |
|
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 |
0.1 |
-0.1 |
-0.2 |
0.2 |
1.9 |
June |
0.1 |
0.5 |
0.4 |
-0.1 |
1.6 |
July |
0.7 |
1.3 |
0.9 |
0.4 |
1.9 |
Aug. |
0.1 |
-1.9 |
0.3 |
0.6 |
1.8 |
Sept. |
0.3 |
1.5 |
0.5 |
0.0 |
1.9 |
Oct. |
0.3 |
0.2 |
0.5 |
0.3 |
2.2 |
Nov. |
0.2 |
0.2 |
0.5 |
0.2 |
2.5 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: Prices for stage 4 intermediate demand increased 0.4 percent in
November, the sixth consecutive advance. In November, the index for total goods inputs to stage 4
intermediate demand moved up 0.5 percent, and prices for total services inputs rose 0.3 percent. (See
table D.) Increases in the indexes for gasoline; machinery and equipment parts and supplies
wholesaling; diesel fuel; metals, minerals, and ores wholesaling; portfolio management; and
management consulting services outweighed declines in the indexes for business loans (partial),
chemicals and allied products wholesaling, and sugar and confectionary products. For the 12 months
ended in November, prices for stage 4 intermediate demand moved up 3.5 percent, the largest 12-
month advance since rising 4.8 percent in February 2023.
Stage 3 intermediate demand: The index for stage 3 intermediate demand was unchanged in
November after declining 0.5 percent in October. In November, prices for both total services inputs
and total goods inputs to stage 3 intermediate demand also were unchanged. Increases in the indexes
for metals, minerals, and ores wholesaling; diesel fuel; courier, messenger, and U.S. postal services;
hay, hayseeds, and oilseeds; and jet fuel offset falling prices for raw milk, slaughter steers and
heifers, cable network advertising time sales, business loans (partial), and slaughter hogs. For the 12
months ended in November, the index for stage 3 intermediate demand rose 1.8 percent.
Stage 2 intermediate demand: Prices for stage 2 intermediate demand edged up 0.1 percent in
November, the first increase since advancing 0.5 percent in July. In November, the index for total
goods inputs to stage 2 intermediate demand rose 0.6 percent. In contrast, prices for total services
inputs declined 0.2 percent. Advances in the indexes for natural gas, primary nonferrous metals,
oilseeds, nonferrous metal ores, and machinery and equipment parts and supplies wholesaling
outweighed decreasing prices for business loans (partial), crude petroleum, natural gas liquids, and
basic organic chemicals. For the 12 months ended in November, the index for stage 2 intermediate
demand rose 1.0 percent.
Stage 1 intermediate demand: Prices for stage 1 intermediate demand rose 0.2 percent in
November, the same as in October. In November, the index for total goods inputs to stage 1
intermediate demand moved up 0.4 percent, and prices for total services inputs advanced 0.1 percent.
Increases in the indexes for diesel fuel; metals, minerals, and ores wholesaling; gasoline; machinery
and equipment parts and supplies wholesaling; utility natural gas; and courier, messenger, and U.S.
postal services outweighed decreases in the indexes for chemicals and allied products wholesaling;
securities brokerage, dealing, investment advice, and related services; and basic organic chemicals.
For the 12 months ended in November, prices for stage 1 intermediate demand moved up 3.7 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 |
| Total |
Goods
inputs |
Services
inputs |
Total |
Goods
inputs |
Services
inputs |
Total |
Goods
inputs |
Services
inputs |
Total |
Goods
inputs |
Services
inputs |
2024 |
|
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 |
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 |
0.1 |
0.1 |
0.1 |
0.1 |
-0.1 |
0.3 |
0.8 |
1.9 |
0.0 |
-0.1 |
-0.1 |
0.0 |
July |
0.8 |
0.5 |
1.0 |
0.9 |
1.4 |
0.5 |
0.5 |
0.9 |
0.3 |
1.0 |
1.0 |
1.1 |
Aug. |
0.3 |
0.4 |
0.1 |
0.0 |
0.1 |
0.0 |
-0.6 |
-1.2 |
-0.1 |
0.0 |
0.2 |
-0.1 |
Sept. |
0.3 |
0.4 |
0.2 |
0.3 |
0.4 |
0.3 |
-0.1 |
-0.7 |
0.2 |
0.5 |
0.6 |
0.4 |
Oct. |
0.2 |
0.1 |
0.3 |
-0.5 |
-1.5 |
0.3 |
0.0 |
-0.6 |
0.4 |
0.2 |
-0.2 |
0.6 |
Nov. |
0.4 |
0.5 |
0.3 |
0.0 |
0.0 |
0.0 |
0.1 |
0.6 |
-0.2 |
0.2 |
0.4 |
0.1 |
________________
The Producer Price Index for December 2025 is scheduled to be released on Friday, January 30, 2026,
at 8:30 a.m. (ET).
*****
Effect of Federal Government Shutdown on PPI Data
The Federal government shutdown in October and November significantly delayed the
transmission of Producer Price Index (PPI) price-update requests. October price-update requests,
asking for information as of the October 14 pricing date, were sent to PPI survey respondents on
November 19. Price-update requests for November data, asking for information as of the
November 11 pricing date, were sent to PPI survey respondents on December 3. The response
rates for the October and November data reflected in this release are within the normal range,
and no modifications to PPI methodology or procedures were necessary.
The effects of the government shutdown will continue to delay upcoming PPI data releases, with
the December PPI data release rescheduled for January 30, 2026. Revised PPI release dates will
be posted at www.bls.gov/bls/2025-lapse-revised-release-dates.htm as they become available.
*****
Quality Changes for 2026 Model Vehicles
Most new-model-year passenger cars and light motor trucks were introduced into the Producer
Price Index (PPI) with data for October and November 2025.
Passenger Cars
The value of quality changes for a sample of 2026-model-year domestically produced passenger
cars included in the PPI for October and November averaged $25.20, according to estimates by
the U.S. Bureau of Labor Statistics (BLS). This change represents 4.9 percent of the average
$512.55 increase in manufacturer invoice prices for 2026 models as compared with models from
the prior year.
The retail equivalent value of these quality changes averaged $27.58, representing 5.0 percent of
the average $552.63 over-the-year increase in manufacturer suggested list prices.
Light Trucks
The value of quality changes for a sample of 2026-model-year domestically produced light
trucks included in the PPI for October and November averaged $187.93. This change represents
19.9 percent of the average $942.91 increase in manufacturer invoice prices for 2026 models as
compared with models from the prior year.
The retail equivalent value of these quality changes averaged $201.93, representing 20.1 percent
of the average $1,004.41 over-the-year increase in manufacturer suggested list prices.
The $201.93 estimated retail value of quality change breaks down as follows:
* $12.98 for improvements to safety equipment.
* $33.03 for improvements to infotainment systems.
* $155.92 for other changes such as improvements to powertrains and changes in levels of
standard or optional equipment.
For additional information, contact the PPI Section of Index Analysis and Public Information, at
ppi-info@bls.gov or (202) 691-7705.
********
Estimates of the value of quality change are based on a review by the BLS of data supplied by
producers for similarly equipped 2025 and 2026 models priced for the Producer Price Index.
Most of the estimates of quality changes in this release are derived from information supplied for
the Producer Price Index for October and November.
*****
Recalculated Relative Importance Figures and Seasonal Adjustment Factors to be Available on
February 27, 2026
Each year with the release of PPI data for January, relative importance figures and seasonal
adjustment factors are recalculated to reflect price movements from the just-completed calendar
year. With this year's update PPI relative importance figure tables that describe the Final
Demand-Intermediate Demand (FD-ID) aggregation structure also will be impacted by the PPI
update to commodity weight allocations for the FD-ID system. (See notice below.) The following
information will be released on February 27, 2026, at 8:30 AM eastern time, in conjunction with
the release of PPI data for January 2026, and will be available on the PPI website at
www.bls.gov/ppi/tables/.
Relative Importance Figure Tables for December 2025:
* 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
Seasonal Factor Update:
* Direct seasonal factors for PPI commodity indexes for 2026
* Recalculated seasonal factors for the last 5 years (2021-2025) for PPI commodity indexes
* Recalculated seasonal factors for the last 5 years (2021-2025) for PPI FD-ID indexes
Recalculated seasonal index data for 2021-2025 for the FD-ID and commodity indexes also will
be posted to the PPI database on the BLS website on February 27, 2026, at 8:30 AM eastern
time.
For additional information, contact the PPI Section of Index Analysis and Public Information at
ppi-info@bls.gov or (202) 691-7705.
*****
PPI Updates Commodity Weight Allocations for the Final Demand-Intermediate Demand
Aggregation Structure
Effective with the release of data for January 2026 on February 27, 2026, the Bureau of Labor
Statistics (BLS) will update weight allocations used to calculate the Producer Price Index (PPI)
Final Demand-Intermediate Demand (FD-ID) indexes to more accurately reflect recent sales
patterns. The new allocations will be based primarily on data from the 2017 Input-Output (I-O)
Accounts from the Bureau of Economic Analysis (BEA). The allocations were previously based
on the 2012 I-O of Accounts data. PPI commodity index weights continue to be based on
shipment values from the 2017 economic census, which were applied in January 2023. It is the
proportions of these commodity index weights allocated to the various FD-ID categories,
including Final demand, Intermediate demand by commodity type, and Intermediate demand by
production flow, that will be updated.
This allocation update will not change the PPI commodity classification system, reference base,
the FD-ID aggregation structure, or historical index data. It may, however, result in substantial
shifts in the relative importance figures of certain commodity components that make up the FD-
ID indexes.
Relative importance figure tables for December 2025, which detail the shift in weight
allocations, as well as price movements in 2025, will be available on February 27, 2026 on the
BLS website at www.bls.gov/ppi/tables/. This information also may be requested from the PPI
Section of Index Analysis and Public Information at ppi-info@bls.gov or (202) 691-7705.
United States Department of Labor
