Transmission of material in this release is embargoed until USDL 25-0020
8:30 a.m. (ET) Tuesday, January 14, 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 - DECEMBER 2024
The Producer Price Index for final demand advanced 0.2 percent in December, seasonally
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices rose 0.4
percent in November and 0.2 percent in October. (See table A.) On an unadjusted basis, the index
for final demand increased 3.3 percent in 2024 after moving up 1.1 percent in 2023.
The December rise in prices for final demand can be traced to a 0.6-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 edged up 0.1 percent in
December, the same as in November. Prices for final demand less foods, energy, and trade
services rose 3.3 percent in 2024 after advancing 2.7 percent in 2023.
Final Demand
Final demand goods: The index for final demand goods rose 0.6 percent in December, the third
consecutive advance. The December increase in prices for final demand goods is attributable to a 3.5-
percent jump in the index for final demand energy. In contrast, prices for final demand foods edged
down 0.1 percent, while the index for final demand goods less foods and energy was unchanged.
Product detail: Leading the December increase in prices for final demand goods, the index for
gasoline advanced 9.7 percent. Prices for residential electric power, meats, motor vehicles, gas fuels,
and fresh fruits and melons also rose. Conversely, the index for fresh and dry vegetables declined
14.7 percent. Prices for carbon steel scrap and for residual fuels also fell. (See table 2.)
Final demand services: In December, the index for final demand services was unchanged after
rising 0.3 percent in November. In December, a 2.2-percent advance in prices for final demand
transportation and warehousing services offset declines in the indexes for final demand services less
trade, transportation, and warehousing and for final demand trade services, which fell 0.2 percent and
0.1 percent, respectively. (Trade indexes measure changes in margins received by wholesalers and
retailers.)
Product detail: Within the index for final demand services in December, prices for transportation of
passengers (partial) jumped 7.2 percent. The indexes for deposit services (partial), automotive fuels
and lubricants retailing, food retailing, and chemicals and allied products wholesaling also advanced.
In contrast, prices for traveler accommodation services fell 6.9 percent. The indexes for machinery
and vehicle wholesaling, loan services (partial), food wholesaling, and furniture retailing 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 |
|
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 |
-1.9 |
1.2 |
0.4 |
2.4 |
3.5 |
Aug. |
0.3 |
0.2 |
0.0 |
0.3 |
-1.0 |
0.2 |
0.5 |
1.1 |
-0.8 |
0.4 |
2.1 |
3.5 |
Sept. |
0.2 |
0.1 |
-0.3 |
0.8 |
-2.9 |
0.1 |
0.5 |
1.3 |
0.0 |
0.1 |
2.1 |
3.3 |
Oct. |
0.2 |
0.3 |
0.1 |
-0.1 |
0.4 |
0.1 |
0.3 |
0.0 |
0.4 |
0.4 |
2.6 |
3.5 |
Nov. |
0.4 |
0.1 |
0.7 |
2.9 |
0.0 |
0.2 |
0.3 |
0.7 |
-0.6 |
0.2 |
3.0 |
3.5 |
Dec. |
0.2 |
0.1 |
0.6 |
-0.1 |
3.5 |
0.0 |
0.0 |
-0.1 |
2.2 |
-0.2 |
3.3 |
3.3 |
Intermediate Demand by Commodity Type
Within intermediate demand in December, the index for processed goods increased 0.3 percent,
prices for unprocessed goods jumped 3.2 percent, and the index for services rose 0.4 percent. (See
tables B and C.)
Processed goods for intermediate demand: Prices for processed goods for intermediate demand
advanced 0.3 percent in December following no change in November. Leading the increase, the
index for processed energy goods moved up 1.6 percent. Prices for processed foods and feeds rose
0.4 percent, while the index for processed materials less foods and energy was unchanged. Prices for
processed goods for intermediate demand advanced 0.2 percent in 2024 after falling 2.8 percent in
2023.
Product detail: Nearly two-thirds of the December rise in the index for processed goods for
intermediate demand can be traced to a 9.7-percent increase in prices for gasoline. The indexes for
electric power, utility natural gas, sugar and confectionery products, meats, and primary basic organic
chemicals also advanced. Conversely, prices for diesel fuel declined 1.3 percent. The indexes for
canned, cooked, smoked, or prepared poultry and for cold rolled steel sheet and strip also moved
down.
Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate
demand moved up 3.2 percent in December, the largest advance since rising 4.6 percent in August
2022. Leading the December increase, the index for unprocessed energy materials jumped 10.0
percent. Prices for unprocessed foodstuffs and feedstuffs advanced 0.2 percent. In contrast, the index
for unprocessed nonfood materials less energy fell 1.8 percent. Prices for unprocessed goods for
intermediate demand rose 5.1 percent in 2024 after dropping 18.7 percent in 2023.
Product detail: Leading the December increase in the index for unprocessed goods for intermediate
demand, prices for natural gas jumped 57.7 percent. The indexes for slaughter steers and heifers, hay
and hayseeds, ungraded chicken eggs, corn, and copper base scrap also rose. Conversely, prices for
carbon steel scrap dropped 11.7 percent. The indexes for raw milk and for slaughter chickens 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 |
|
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 |
2.0 |
1.9 |
3.2 |
0.4 |
1.4 |
Aug. |
-0.1 |
-0.2 |
-0.9 |
0.1 |
-1.3 |
-3.3 |
-1.3 |
-6.7 |
-1.0 |
-3.9 |
Sept. |
-0.9 |
0.8 |
-4.6 |
-0.1 |
-2.7 |
-1.6 |
3.9 |
-9.6 |
1.8 |
-8.2 |
Oct. |
0.4 |
0.0 |
1.5 |
0.2 |
-1.4 |
2.4 |
-1.1 |
7.2 |
1.4 |
-4.3 |
Nov. |
0.0 |
0.8 |
-1.2 |
0.2 |
-0.6 |
0.1 |
2.7 |
-3.0 |
0.6 |
-2.3 |
Dec. |
0.3 |
0.4 |
1.6 |
0.0 |
0.2 |
3.2 |
0.2 |
10.0 |
-1.8 |
5.1 |
Services for intermediate demand: The index for services for intermediate demand increased 0.4
percent in December, the largest rise since moving up 0.4 percent in June. Over 60 percent of the
broad-based advance in December is attributable to prices for services less trade, transportation, and
warehousing for intermediate demand, which climbed 0.4 percent. The indexes for transportation and
warehousing services for intermediate demand and for trade services for intermediate demand
increased 0.9 percent and 0.1 percent, respectively. In 2024, prices for services for intermediate
demand rose 3.0 percent following a 3.7-percent advance in 2023.
Product detail: Over one-third of the December increase in the index for services for intermediate
demand can be traced to a 7.0-percent jump in prices for gross rents for retail properties. The indexes
for deposit services (partial); transportation of passengers (partial); investment banking; courier,
messenger, and U.S. postal services; and chemicals and allied products wholesaling also moved
higher. In contrast, margins for food wholesaling fell 2.0 percent. The indexes for traveler
accommodation services and for broadcast and network television advertising time sales also
declined.
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 |
|
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 |
0.2 |
3.6 |
Aug. |
0.1 |
0.2 |
-0.2 |
0.1 |
3.8 |
Sept. |
0.2 |
0.3 |
0.1 |
0.2 |
3.7 |
Oct. |
0.1 |
0.3 |
0.4 |
0.0 |
3.8 |
Nov. |
-0.3 |
0.1 |
0.2 |
-0.5 |
3.0 |
Dec. |
0.4 |
0.1 |
0.9 |
0.4 |
3.0 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: The index for stage 4 intermediate demand advanced 0.4 percent in
December, the largest rise since moving up 0.5 percent in July. In December, prices for total services
inputs to stage 4 intermediate demand climbed 0.5 percent, and the index for total goods inputs
increased 0.4 percent. (See table D.) Advances in prices for gross rents for retail properties, gasoline,
investment banking, transportation of passengers (partial), electric power, and deposit services
(partial) outweighed decreases in the indexes for food wholesaling; canned, cooked, smoked, or
prepared poultry; and natural cheese (except cottage cheese). In 2024, prices for stage 4 intermediate
demand rose 2.5 percent after moving up 2.1 percent in 2023.
Stage 3 intermediate demand: The index for stage 3 intermediate demand increased 0.3 percent in
December, the largest rise since jumping 0.7 percent in July. In December, prices for total services
inputs to stage 3 intermediate demand advanced 0.4 percent, and the index for total goods inputs
edged up 0.1 percent. Higher prices for courier, messenger, and U.S. postal services; slaughter steers
and heifers; gasoline; gross rents for retail properties; asphalt; and ungraded chicken eggs
outweighed declines in the indexes for raw milk, slaughter chickens, and food wholesaling. In 2024,
prices for stage 3 intermediate demand increased 1.8 percent following a 2.3-percent decrease in
2023.
Stage 2 intermediate demand: Prices for stage 2 intermediate demand rose 1.5 percent in
December, the largest advance since increasing 1.9 percent in July 2023. In December, the index for
total goods inputs to stage 2 intermediate demand jumped 3.4 percent, and prices for total services
inputs moved up 0.3 percent. Advances in the indexes for gas fuels, deposit services (partial), crude
petroleum, automotive fuels and lubricants retailing, transportation of passengers (partial), and legal
services outweighed declines in the indexes for carbon steel scrap, food wholesaling, and traveler
accommodation services. In 2024, prices for stage 2 intermediate demand rose 2.3 percent after
falling 5.0 percent in 2023.
Stage 1 intermediate demand: The index for stage 1 intermediate demand increased 0.2 percent in
December after inching down 0.1 percent in November. In December, prices for total services inputs
to stage 1 intermediate demand rose 0.5 percent, while the index for total goods inputs was
unchanged. Higher prices for gross rents for retail properties, transportation of passengers (partial),
gasoline, investment banking, electric power, and utility natural gas outweighed decreases in the
indexes for traveler accommodation services, carbon steel scrap, and diesel fuel. In 2024, prices for
stage 1 intermediate demand advanced 0.9 percent following a 0.2-percent decline in 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 |
2023 |
|
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 |
0.1 |
0.8 |
0.7 |
1.2 |
0.3 |
0.5 |
1.5 |
-0.1 |
0.6 |
0.7 |
0.5 |
Aug. |
0.0 |
0.0 |
0.1 |
-0.3 |
-0.5 |
-0.2 |
-1.1 |
-3.0 |
0.2 |
0.1 |
-0.1 |
0.2 |
Sept. |
0.0 |
0.1 |
0.0 |
-0.1 |
-0.5 |
0.3 |
-1.1 |
-3.7 |
0.6 |
-0.5 |
-1.0 |
0.0 |
Oct. |
0.3 |
0.2 |
0.4 |
0.2 |
0.1 |
0.2 |
1.2 |
3.2 |
-0.1 |
0.2 |
0.3 |
0.1 |
Nov. |
0.0 |
0.4 |
-0.3 |
0.1 |
0.5 |
-0.3 |
-0.9 |
-1.4 |
-0.6 |
-0.1 |
0.0 |
-0.3 |
Dec. |
0.4 |
0.4 |
0.5 |
0.3 |
0.1 |
0.4 |
1.5 |
3.4 |
0.3 |
0.2 |
0.0 |
0.5 |
________________
The Producer Price Index for January 2025 is scheduled to be released on Thursday, February 13, 2025,
at 8:30 a.m. (ET).
*****
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
