Transmission of material in this release is embargoed until USDL 24-2305
8:30 a.m. (ET) Thursday, November 14, 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 - OCTOBER 2024
The Producer Price Index for final demand increased 0.2 percent in October, seasonally adjusted,
the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.1 percent in
September and 0.2 percent in August. (See table A.) On an unadjusted basis, the index for final
demand moved up 2.4 percent for the 12 months ended in October.
In October, most of the rise in final demand prices can be traced to a 0.3-percent advance in the
index for final demand services. Prices for final demand goods inched up 0.1 percent.
The index for final demand less foods, energy, and trade services increased 0.3 percent in
October after moving up 0.1 percent in September. For the 12 months ended in October, prices
for final demand less foods, energy, and trade services rose 3.5 percent.
Final Demand
Final demand services: The index for final demand services increased 0.3 percent in October after
rising 0.2 percent in September. Over three-fourths of the broad-based advance in October is
attributable to prices for final demand services less trade, transportation, and warehousing, which
moved up 0.3 percent. The indexes for final demand transportation and warehousing services and for
final demand trade services also increased, 0.5 percent and 0.1 percent, respectively. (Trade indexes
measure changes in margins received by wholesalers and retailers.)
Product detail: Over one-third of the rise in the index for final demand services can be traced to
prices for portfolio management, which advanced 3.6 percent. The indexes for machinery and vehicle
wholesaling; airline passenger services; computer hardware, software, and supplies retailing;
outpatient care (partial); and cable and satellite subscriber services also moved higher. In contrast,
margins for apparel, footwear, and accessories retailing fell 3.7 percent. Prices for securities
brokerage, dealing, investment advice, and related services and for truck transportation of freight also
declined. (See table 2.)
Final demand goods: The index for final demand goods inched up 0.1 percent in October following
two consecutive decreases. The advance can be traced to a 0.3-percent rise in prices for final demand
goods less foods and energy. Conversely, the indexes for final demand energy and for final demand
foods declined 0.3 percent and 0.2 percent, respectively.
Product detail: An 8.4-percent increase in the index for carbon steel scrap was a major factor in the
advance in prices for final demand goods. The indexes for meats, diesel fuel, fresh and dry
vegetables, and oilseeds also moved higher. In contrast, prices for liquefied petroleum gas fell 18.1
percent. The indexes for chicken eggs, processed poultry, and ethanol also decreased.
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 |
|
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. |
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 |
0.0 |
0.2 |
-0.8 |
-0.1 |
-4.6 |
0.2 |
0.4 |
0.8 |
-0.8 |
0.3 |
2.5 |
3.4 |
June |
0.4 |
0.2 |
-0.3 |
0.1 |
-2.0 |
0.1 |
0.7 |
1.9 |
-0.1 |
0.3 |
2.9 |
3.4 |
July |
0.0 |
0.4 |
0.6 |
0.6 |
1.7 |
0.2 |
-0.2 |
-1.8 |
1.2 |
0.4 |
2.4 |
3.5 |
Aug. |
0.2 |
0.2 |
-0.1 |
0.2 |
-1.1 |
0.2 |
0.4 |
0.8 |
-0.9 |
0.3 |
2.0 |
3.5 |
Sept. |
0.1 |
0.1 |
-0.2 |
1.0 |
-2.8 |
0.1 |
0.2 |
0.3 |
0.0 |
0.1 |
1.9 |
3.3 |
Oct. |
0.2 |
0.3 |
0.1 |
-0.2 |
-0.3 |
0.3 |
0.3 |
0.1 |
0.5 |
0.3 |
2.4 |
3.5 |
Intermediate Demand by Commodity Type
Within intermediate demand in October, prices for processed goods rose 0.5 percent, the index for
unprocessed goods jumped 4.1 percent, and prices for services inched up 0.1 percent. (See tables B
and C.)
Processed goods for intermediate demand: The index for processed goods for intermediate
demand rose 0.5 percent in October following two consecutive declines. Sixty percent of the increase
can be attributed to a 0.4-percent advance in prices for processed materials less foods and energy.
The index for processed energy goods moved up 1.2 percent. Conversely, prices for processed foods
and feeds edged down 0.1 percent. For the 12 months ended in October, the index for processed
goods for intermediate demand fell 1.2 percent.
Product detail: A major factor in the October increase in prices for processed goods for intermediate
demand was the index for primary basic organic chemicals, which advanced 5.3 percent. Prices for
diesel fuel, commercial electric power, plastic resins and materials, nonferrous metals, and meats also
moved higher. In contrast, the index for processed poultry declined 6.6 percent. Prices for liquefied
petroleum gas and for ethanol also fell.
Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate
demand rose 4.1 percent in October, the largest advance since moving up 4.6 percent in August 2022.
Over 80 percent of the broad-based increase in October can be attributed to a 9.9-percent jump in the
index for unprocessed energy materials. Prices for unprocessed nonfood materials less energy and for
unprocessed foodstuffs and feedstuffs also rose, 2.1 percent and 0.4 percent, respectively. For the 12
months ended in October, the index for unprocessed goods for intermediate demand declined 2.9
percent.
Product detail: Over 40 percent of the October increase in prices for unprocessed goods for
intermediate demand can be traced to a 7.3-percent advance in the index for crude petroleum. Prices
for natural gas, carbon steel scrap, slaughter cattle, slaughter poultry, and nonferrous metal ores also
rose. Conversely, the index for hay and hayseeds dropped 22.8 percent. Prices for ungraded chicken
eggs and for recyclable paper also fell.
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 |
|
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. |
0.5 |
-0.3 |
1.8 |
0.3 |
-0.6 |
2.1 |
-0.6 |
6.0 |
0.5 |
-5.0 |
May |
-1.4 |
0.4 |
-7.5 |
0.1 |
-0.6 |
0.0 |
2.8 |
-3.9 |
1.9 |
-0.1 |
June |
-0.1 |
0.7 |
-0.7 |
0.0 |
-0.2 |
0.6 |
-1.2 |
3.1 |
-0.5 |
1.7 |
July |
0.6 |
1.5 |
2.4 |
0.1 |
0.8 |
2.1 |
1.9 |
3.2 |
0.4 |
1.4 |
Aug. |
-0.2 |
-0.3 |
-0.9 |
0.0 |
-1.3 |
-3.4 |
-1.3 |
-6.7 |
-1.2 |
-3.9 |
Sept. |
-0.8 |
1.0 |
-4.5 |
-0.1 |
-2.6 |
-1.8 |
3.9 |
-10.1 |
1.8 |
-8.4 |
Oct. |
0.5 |
-0.1 |
1.2 |
0.4 |
-1.2 |
4.1 |
0.4 |
9.9 |
2.1 |
-2.9 |
Services for intermediate demand: Prices for services for intermediate demand moved up 0.1
percent in October, the same as in September. Leading the October advance, the index for services
less trade, transportation, and warehousing for intermediate demand rose 0.1 percent. Prices for
transportation and warehousing services for intermediate demand increased 0.4 percent. In contrast,
the index for trade services for intermediate demand fell 0.4 percent. For the 12 months ended in
October, prices for services for intermediate demand advanced 3.5 percent.
Product detail: Within the index for services for intermediate demand in October, prices for legal
services rose 1.4 percent. The indexes for portfolio management, television advertising time sales,
airline passenger services, and paper and plastics products wholesaling also moved higher.
Conversely, margins for chemicals and allied products wholesaling fell 3.2 percent. The indexes for
securities brokerage, dealing, investment advice, and related services; loan services (partial); and
truck 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.) |
2023 |
|
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. |
0.2 |
-0.4 |
0.4 |
0.4 |
3.4 |
May |
0.3 |
0.6 |
0.5 |
0.2 |
3.5 |
June |
0.4 |
0.8 |
-0.3 |
0.5 |
4.0 |
July |
0.3 |
0.4 |
0.7 |
0.1 |
3.6 |
Aug. |
0.0 |
0.1 |
-0.2 |
0.0 |
3.7 |
Sept. |
0.1 |
0.0 |
0.1 |
0.1 |
3.5 |
Oct. |
0.1 |
-0.4 |
0.4 |
0.1 |
3.5 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: Prices for stage 4 intermediate demand increased 0.2 percent in
October after no change in September. In October, the index for total goods inputs to stage 4
intermediate demand advanced 0.3 percent, and prices for total services inputs moved up 0.1 percent.
(See table D.) Increases in prices for diesel fuel, portfolio management, gross rents for office
buildings, gross rents for retail properties, legal services, and commercial electric power outweighed
decreases in the indexes for securities brokerage, dealing, investment advice, and related services;
loan services (partial); and processed poultry. For the 12 months ended in October, prices for stage 4
intermediate demand rose 2.3 percent.
Stage 3 intermediate demand: Prices for stage 3 intermediate demand rose 0.5 percent in October
following two consecutive declines. In October, the index for total goods inputs to stage 3
intermediate demand advanced 1.0 percent, and prices for total services inputs moved up 0.2 percent.
Increases in the indexes for diesel fuel, slaughter poultry, plastic resins and materials, slaughter
cattle, primary basic organic chemicals, and television advertising time sales outweighed falling
prices for ungraded chicken eggs, loan services (partial), and hay and hayseeds. For the 12 months
ended in October, the index for stage 3 intermediate demand moved up 1.2 percent.
Stage 2 intermediate demand: The index for stage 2 intermediate demand rose 1.5 percent in
October, the largest increase since moving up 1.9 percent in July 2023. In October, prices for total
goods inputs to stage 2 intermediate demand advanced 3.8 percent. In contrast, the index for total
services inputs edged down 0.1 percent. Increasing prices for crude petroleum, natural gas, legal
services, carbon steel scrap, broadcast and network television advertising time sales, and primary
basic organic chemicals outweighed decreases in the indexes for loan services (partial), liquified
petroleum gas, and fuels and lubricants retailing. For the 12 months ended in October, prices for
stage 2 intermediate demand fell 0.4 percent.
Stage 1 intermediate demand: The index for stage 1 intermediate demand advanced 0.3 percent in
October after declining 0.5 percent in September. In October, prices for total goods inputs to stage 1
intermediate demand rose 0.6 percent, while the index for total services inputs was unchanged.
Increases in prices for diesel fuel, primary basic organic chemicals, airline passenger services,
portfolio management, carbon steel scrap, and gross rents for office buildings outweighed decreases
in the indexes for securities brokerage, dealing, investment advice, and related services; chemicals
and allied products wholesaling; and residual fuels. For the 12 months ended in October, prices for
stage 1 intermediate demand advanced 0.4 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 |
|
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. |
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 |
-0.1 |
-0.3 |
0.0 |
-0.3 |
-1.2 |
0.5 |
-0.2 |
-1.2 |
0.5 |
-0.7 |
-1.5 |
0.2 |
June |
0.1 |
-0.1 |
0.3 |
-0.1 |
-0.3 |
0.1 |
0.8 |
1.2 |
0.5 |
0.2 |
-0.2 |
0.5 |
July |
0.5 |
0.2 |
0.7 |
0.7 |
1.2 |
0.3 |
0.5 |
1.6 |
-0.2 |
0.6 |
0.7 |
0.5 |
Aug. |
0.0 |
-0.1 |
0.0 |
-0.4 |
-0.5 |
-0.3 |
-1.1 |
-3.0 |
0.1 |
0.0 |
-0.1 |
0.2 |
Sept. |
0.0 |
0.1 |
-0.1 |
-0.1 |
-0.5 |
0.2 |
-1.3 |
-3.7 |
0.3 |
-0.5 |
-0.9 |
0.0 |
Oct. |
0.2 |
0.3 |
0.1 |
0.5 |
1.0 |
0.2 |
1.5 |
3.8 |
-0.1 |
0.3 |
0.6 |
0.0 |
________________
The Producer Price Index for November 2024 is scheduled to be released on Thursday, December 12, 2024,
at 8:30 a.m. (ET).
*****
Quality Changes for 2025 Model Vehicles
In accordance with usual practice, most new-model-year passenger cars and light motor trucks
were introduced into the Producer Price Index (PPI) with the release of data for October 2024.
Passenger Cars
The value of quality changes for a sample of 2025-model-year domestically produced passenger
cars included in the PPI for October averaged $76.36, according to estimates by the U.S. Bureau of
Labor Statistics (BLS). This change represents 8.9 percent of the average $857.71 increase in
manufacturer invoice prices for 2025 models as compared with models from the prior year.
The retail equivalent value of these quality changes averaged $81.74, representing 9.3 percent of
the average $880.18 over-the-year increase in manufacturer suggested list prices.
Light Trucks
The value of quality changes for a sample of 2025-model-year domestically produced light trucks
included in the PPI for October averaged $96.79. This change represents 11.8 percent of the
average $817.22 increase in manufacturer invoice prices for 2025 models as compared with models
from the prior year.
The retail equivalent value of these quality changes averaged $102.41, representing 12.1 percent of
the average $845.72 over-the-year increase in manufacturer suggested list prices.
The $102.41 estimated retail value of quality change breaks down as follows:
* $6.95 for improvements to infotainment systems.
* $41.98 for improvements to safety.
* $53.48 for other changes, such as improvements to powertrains and changes in levels of
standard or optional equipment.
For technical information regarding quality changes for 2025-model-year motor vehicles, contact
Jonathan McQuade at McQuade.Jonathan@bls.gov or (202) 691-7747. For general PPI
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 2024 and 2025 domestic models priced for the PPI. Most of the
estimates of quality changes in this release are derived from information supplied for the PPI for
October. These data also form the basis of the new vehicle quality adjustment for the Consumer
Price Index (CPI). However, it should be noted that, effective with the release of data for January
1999, changes made solely for the purpose of meeting air pollution standards are not considered
quality improvements for CPI calculation purposes.
*****
Resampling of Industries - October 2024
Effective with the release of data for October 2024, the Producer Price Index (PPI) includes data
for 12 resampled industries classified according to the 2022 North American Industry
Classification System (NAICS). The Bureau of Labor Statistics periodically updates the sample
of producers providing data for the PPI to reflect current conditions more accurately when the
structure, membership, technology, or product mix of an industry shifts. The first results of this
systematic process were published in July 1986. Subsequent efforts have been completed at
regular intervals.
For information on specific index additions, deletions, and recodes effective October 2024, see
the current issue of the PPI Detailed Report online at www.bls.gov/ppi/detailed-report/ppi-
detailed-report-october-2024.pdf, or contact the PPI Section of Index Analysis and Public
Information at ppi-info@bls.gov or (202) 691-7705.
NAICS
Code Industry
311422 Specialty canning
311821 Cookie and cracker manufacturing
311824 Dry pasta, dough, and flour mixes manufacturing from purchased flour
321991 Manufactured home, mobile home, manufacturing
322220 Paper bag and coated and treated paper manufacturing
325998 Other miscellaneous chemical product manufacturing
327999 Miscellaneous nonmetallic mineral products manufacturing
331512 Steel investment foundries
335931 Current-carrying wiring device manufacturing
445200 Specialty food retailers
523150 Investment banking and securities intermediation
523940 Portfolio Management and investment advice
*****
Recalculated Relative Importance Figures and Seasonal Adjustment Factors to be
Available on February 13, 2025
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. The following information will be released on February 13, 2025, at 8:30 AM eastern time,
in conjunction with the release of PPI data for January 2025, and will be available on the PPI
website at www.bls.gov/ppi/tables/.
Relative Importance Figure Tables for December 2024:
* 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 2025
* Recalculated seasonal factors for the last 5 years (2020-2024) for PPI commodity indexes
* Recalculated seasonal factors for the last 5 years (2020-2024) for PPI Final Demand-
Intermediate Demand indexes
Recalculated seasonal index data for 2020-2024 for the Final Demand-Intermediate Demand and
commodity indexes also will be posted to the PPI database on the BLS website on February 13,
2025, 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.
United States Department of Labor
