Transmission of material in this release is embargoed until USDL 25-0334
8:30 a.m. (ET) Thursday, March 13, 2025
Technical information: (202) 691-7705 * ppi-info@bls.gov * www.bls.gov/ppi
Media contact: (202) 691-5902 * PressOffice@bls.gov
PRODUCER PRICE INDEXES - FEBRUARY 2025
The Producer Price Index for final demand was unchanged in February, seasonally adjusted, the
U.S. Bureau of Labor Statistics reported today. Final demand prices rose 0.6 percent in January
and 0.5 percent in December 2024. (See table A.) On an unadjusted basis, the index for final
demand advanced 3.2 percent for the 12 months ended in February.
In February, a 0.3-percent increase in prices for final demand goods offset a 0.2-percent decline
in the index for final demand services.
The index for final demand less foods, energy, and trade services moved up 0.2 percent in
February after rising 0.3 percent in January. For the 12 months ended in February, prices for final
demand less foods, energy, and trade services advanced 3.3 percent.
Final Demand
Final demand goods: The index for final demand goods increased 0.3 percent in February, the fifth
consecutive rise. Leading the February advance, prices for final demand foods jumped 1.7 percent.
The index for final demand goods less foods and energy moved up 0.4 percent. In contrast, prices for
final demand energy fell 1.2 percent.
Product detail: Two-thirds of the February increase in the index for final demand goods is
attributable to prices for chicken eggs, which jumped 53.6 percent. The indexes for pork, fresh and
dry vegetables, electric power, tobacco products, and carbon steel scrap also moved higher.
Conversely, prices for gasoline declined 4.7 percent. The indexes for processed young chickens and
for primary basic organic chemicals also decreased. (See table 2.)
Final demand services: The index for final demand services fell 0.2 percent in February, the largest
decline since moving down 0.2 percent in July 2024. The February decrease can be traced to margins
for final demand trade services, which dropped 1.0 percent. (Trade indexes measure changes in
margins received by wholesalers and retailers.) In contrast, prices for final demand services less
trade, transportation, and warehousing rose 0.2 percent, while the index for final demand
transportation and warehousing services was unchanged.
Product detail: Over 40 percent of the February decline in prices for final demand services is
attributable to margins for machinery and vehicle wholesaling, which decreased 1.4 percent. The
indexes for food and alcohol retailing; automobiles and automobile parts retailing; apparel, footwear,
and accessories retailing; chemicals and allied products wholesaling; and residential real estate loans
(partial) also moved lower. Conversely, prices for inpatient care advanced 0.8 percent. The indexes
for hospital outpatient care and for machinery and equipment parts and supplies wholesaling also
increased.
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 |
|
Feb. |
0.5 |
0.3 |
0.9 |
1.2 |
2.7 |
0.3 |
0.3 |
0.2 |
1.0 |
0.3 |
1.6 |
2.8 |
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 |
0.2 |
2.9 |
3.6 |
Dec. |
0.5 |
0.4 |
0.5 |
0.3 |
2.1 |
0.1 |
0.5 |
0.4 |
2.2 |
0.3 |
3.4 |
3.5 |
2025 |
|
Jan. |
0.6 |
0.3 |
0.6 |
1.0 |
1.8 |
0.2 |
0.6 |
1.2 |
0.9 |
0.3 |
3.7 |
3.4 |
Feb. |
0.0 |
0.2 |
0.3 |
1.7 |
-1.2 |
0.4 |
-0.2 |
-1.0 |
0.0 |
0.2 |
3.2 |
3.3 |
Intermediate Demand by Commodity Type
Within intermediate demand in February, the index for processed goods rose 0.5 percent, prices for
unprocessed goods increased 1.3 percent, and the index for services fell 0.2 percent. (See tables B
and C.)
Processed goods for intermediate demand: Prices for processed goods for intermediate demand
moved up 0.5 percent in February, the fifth consecutive advance. Over 40 percent of the broad-based
February increase can be traced to a 0.3-percent rise in the index for processed materials less foods
and energy. Prices for processed foods and feeds and for processed energy goods also moved higher,
2.0 percent and 0.5 percent, respectively. For the 12 months ended in February, the index for
processed goods for intermediate demand advanced 0.3 percent.
Product detail: A major factor in the February rise in prices for processed goods for intermediate
demand was a 2.9-percent increase in the index for ethanol. Prices for commercial electric power,
natural gas to electric utilities, pork, jet fuel, and thermoplastic resins and plastics materials also
advanced. In contrast, the index for diesel fuel declined 3.9 percent. Prices for primary basic organic
chemicals and for confectionary materials also fell.
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate
demand rose 1.3 percent in February, the third consecutive advance. Leading the February increase,
prices for unprocessed foodstuffs and feedstuffs jumped 5.1 percent. The index for unprocessed
nonfood materials less energy moved up 2.2 percent. Conversely, prices for unprocessed energy
materials fell 3.1 percent. For the 12 months ended in February, the index for unprocessed goods for
intermediate demand advanced 10.5 percent, the largest 12-month increase since a 10.7-percent rise
in December 2022.
Product detail: Leading the February increase in the index for unprocessed goods for intermediate
demand, prices for ungraded chicken eggs jumped 111.2 percent. The indexes for raw milk; carbon
steel scrap; nonferrous metal ores; construction sand, gravel, and crushed stone; and fresh vegetables
(except potatoes) also advanced. In contrast, prices for crude petroleum declined 2.4 percent. The
indexes for hay, hayseeds, and oilseeds and for aluminum base scrap 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.) |
2024 |
|
Feb. |
1.1 |
0.4 |
3.6 |
0.5 |
-2.0 |
-0.4 |
1.3 |
-1.1 |
-1.7 |
-9.3 |
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 |
1.0 |
0.0 |
0.1 |
2.9 |
1.2 |
8.0 |
-1.7 |
4.5 |
2025 |
|
Jan. |
1.0 |
0.7 |
3.6 |
0.3 |
0.9 |
5.8 |
2.4 |
12.4 |
1.4 |
8.4 |
Feb. |
0.5 |
2.0 |
0.5 |
0.3 |
0.3 |
1.3 |
5.1 |
-3.1 |
2.2 |
10.5 |
Services for intermediate demand: Prices for services for intermediate demand fell 0.2 percent in
February, the same as in January. The February decline can be attributed to the index for services less
trade, transportation, and warehousing for intermediate demand, which moved down 0.4 percent.
Conversely, prices for transportation and warehousing services for intermediate demand increased
0.1 percent, while the index for trade services for intermediate demand was unchanged. For the 12
months ended in February, prices for services for intermediate demand rose 1.9 percent.
Product detail: Leading the February decrease in the index for services for intermediate demand,
prices for nonresidential real estate rents declined 0.4 percent. The indexes for business loans
(partial); television advertising time sales; chemicals and allied products wholesaling; securities
brokerage, dealing, and investment advice; and airmail and package delivery services (excluding
USPS) also moved lower. In contrast, prices for warehousing, storage, and related services rose 1.3
percent. The indexes for business wired telephone services and for building materials, paint, and
hardware wholesaling also moved higher.
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 |
|
Feb. |
0.0 |
-1.7 |
0.9 |
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 |
0.1 |
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 |
1.0 |
0.6 |
3.0 |
2025 |
|
Jan. |
-0.2 |
-0.6 |
0.4 |
-0.2 |
2.1 |
Feb. |
-0.2 |
0.0 |
0.1 |
-0.4 |
1.9 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: Prices for stage 4 intermediate demand were unchanged in February
following a 0.2-percent rise in January. In February, a 0.3-percent increase in the index for total
goods inputs to stage 4 intermediate demand offset a 0.3-percent decline in prices for total services
inputs. (See table D.) Advances in the indexes for commercial electric power, pork, machinery and
equipment parts and supplies wholesaling, and ungraded chicken eggs offset decreases in the indexes
for nonresidential real estate rents, gasoline, business loans (partial), and chemicals and allied
products wholesaling. For the 12 months ended in February, prices for stage 4 intermediate demand
moved up 2.0 percent.
Stage 3 intermediate demand: The index for stage 3 intermediate demand rose 0.7 percent in
February, the fourth consecutive advance. In February, prices for total goods inputs to stage 3
intermediate demand moved up 1.9 percent. Conversely, the index for total services inputs declined
0.2 percent. Increases in the indexes for ungraded chicken eggs; raw milk; jet fuel; thermoplastic
resins and plastics materials; commercial electric power; and building materials, paint, and hardware
wholesaling outweighed decreases in prices for diesel fuel, television advertising time sales, and
business loans (partial). For the 12 months ended in February, the index for stage 3 intermediate
demand rose 2.1 percent.
Stage 2 intermediate demand: Prices for stage 2 intermediate demand moved down 0.5 percent in
February following a 1.8-percent increase in January. In February, the index for total goods inputs to
stage 2 intermediate demand declined 1.0 percent, and prices for total services inputs fell 0.2 percent.
Decreases in the indexes for crude petroleum, gas fuels, business loans (partial), broadcast and
network television advertising time sales, oilseeds, and primary basic organic chemicals outweighed
advances in prices for carbon steel scrap, ethanol, and deposit services (partial). For the 12 months
ended in February, the index for stage 2 intermediate demand rose 2.3 percent.
Stage 1 intermediate demand: The index for stage 1 intermediate demand rose 0.1 percent in
February, the third consecutive increase. In February, prices for total goods inputs to stage 1
intermediate demand advanced 0.6 percent. In contrast, the index for total services inputs fell 0.3
percent. Increases in the indexes for commercial electric power; carbon steel scrap; directory and
mailing list publishing sales; natural gas to electric utilities; and building materials, paint, and
hardware wholesaling outweighed declines in prices for nonresidential real estate rents, diesel fuel,
data processing and related services, and primary basic organic chemicals. For the 12 months ended
in February, the index for stage 1 intermediate demand moved up 1.0 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 |
2024 |
|
Feb. |
0.0 |
0.3 |
-0.2 |
0.8 |
2.0 |
-0.1 |
0.0 |
-0.7 |
0.6 |
0.2 |
1.0 |
-0.5 |
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 |
0.4 |
0.3 |
0.4 |
1.3 |
2.7 |
0.5 |
0.4 |
0.0 |
0.7 |
2025 |
|
Jan. |
0.2 |
0.4 |
0.1 |
0.8 |
2.0 |
-0.2 |
1.8 |
5.5 |
-0.7 |
0.6 |
1.1 |
0.1 |
Feb. |
0.0 |
0.3 |
-0.3 |
0.7 |
1.9 |
-0.2 |
-0.5 |
-1.0 |
-0.2 |
0.1 |
0.6 |
-0.3 |
________________
The Producer Price Index for March 2025 is scheduled to be released on Friday, April 11, 2025,
at 8:30 a.m. (ET).
*****
Resampling of Industries - February 2025
Effective with the release of data for February 2025, the Producer Price Index (PPI) includes data
for 13 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 index additions, deletions, and recodes effective February 2025, see the
current issue of the PPI Detailed Report online at www.bls.gov/ppi/detailed-report/ppi-detailed-
report-february-2025.pdf, or contact the PPI Section of Index Analysis and Public Information at
ppi-info@bls.gov or (202) 691-7705.
NAICS
Code Industry
211120 Crude petroleum extraction*
211130 Natural gas extraction**
212323 Kaolin, clay, and ceramic and refractory minerals mining
331513 Steel foundries, except investment
334519 Other measuring and controlling device manufacturing
335312 Motor and generator manufacturing
459120 Hobby, toy, and game retailers
482111 Line-haul railroads
484110 General freight trucking, local
484210 Used household and office goods moving
523150 Investment banking and securities intermediation
562111 Solid waste collection
713940 Fitness and recreational sports centers
* This update reflects a transition to NAICS 2022 and includes information previously included
under PPI-published industry code NAICS 211111.
** This update reflects a transition to NAICS 2022 and includes information previously included
under PPI-published industry codes NAICS 211111 and NAICS 211112.
United States Department of Labor
