Transmission of material in this release is embargoed until USDL 26-0503
8:30 a.m. (ET) Wednesday, March 18, 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 - FEBRUARY 2026
The Producer Price Index for final demand increased 0.7 percent in February, seasonally
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices moved up 0.5
percent in January and 0.4 percent in December 2025. (See table A.) On an unadjusted basis, the
index for final demand rose 3.4 percent for the 12 months ended in February, the largest 12-
month advance since increasing 3.4 percent in February 2025.
More than half of the February rise in prices for final demand can be attributed to a 0.5-percent
advance in the index for final demand services. Prices for final demand goods increased 1.1
percent.
The index for final demand less foods, energy, and trade services rose 0.5 percent in February,
the tenth consecutive advance. For the 12 months ended in February, prices for final demand less
foods, energy, and trade services increased 3.5 percent.
Final Demand
Final demand services: The index for final demand services rose 0.5 percent in February, the third
straight advance. Nearly three-fourths of the February broad-based increase can be traced to prices
for final demand services less trade, transportation, and warehousing, which moved up 0.6 percent.
The indexes for final demand trade services and for final demand transportation and warehousing
services also rose, 0.4 percent and 0.5 percent, respectively. (Trade indexes measure changes in
margins received by wholesalers and retailers.)
Product detail: About 20 percent of the February advance in the index for final demand services is
attributable to a 5.7-percent jump in prices for traveler accommodation services. The indexes for food
and alcohol wholesaling; securities brokerage, dealing, investment advice, and related services; fuels
and lubricants retailing; long-distance motor carrying; and inpatient care also rose. In contrast,
margins for apparel, footwear, and accessories retailing fell 4.5 percent. The indexes for gaming
receipts (partial) and for airline passenger services also decreased. (See table 2.)
Final demand goods: Prices for final demand goods increased 1.1 percent in February, the largest
rise since moving up 1.6 percent in August 2023. Forty percent of the February broad-based advance
can be traced to the index for final demand foods, which jumped 2.4 percent. Prices for final demand
energy and for final demand goods less foods and energy also increased, 2.3 percent and 0.3 percent,
respectively.
Product detail: Over 20 percent of the February rise in the index for final demand goods is
attributable to a 48.9-percent jump in prices for fresh and dry vegetables. The indexes for diesel fuel,
chicken eggs, gasoline, jet fuel, and tobacco products also increased. Conversely, prices for jewelry
and jewelry products fell 4.0 percent. The indexes for home heating oil and for soft drinks 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 |
2025 |
|
Feb. |
0.2 |
0.4 |
0.3 |
1.6 |
-1.2 |
0.3 |
0.1 |
-0.7 |
0.0 |
0.5 |
3.4 |
3.6 |
Mar. |
-0.1 |
0.1 |
-0.7 |
-2.0 |
-3.0 |
0.3 |
0.1 |
0.4 |
-1.7 |
0.3 |
3.2 |
3.5 |
Apr. |
-0.3 |
-0.2 |
-0.1 |
-1.0 |
-0.5 |
0.3 |
-0.3 |
-0.3 |
0.1 |
-0.4 |
2.4 |
2.7 |
May |
0.3 |
0.1 |
0.1 |
0.2 |
-0.2 |
0.3 |
0.4 |
1.3 |
0.0 |
0.1 |
2.7 |
2.7 |
June |
0.2 |
0.1 |
0.3 |
0.2 |
0.9 |
0.2 |
0.1 |
0.0 |
-0.6 |
0.2 |
2.4 |
2.6 |
July |
0.8 |
0.7 |
0.6 |
1.2 |
0.7 |
0.4 |
0.9 |
1.2 |
1.4 |
0.7 |
3.2 |
2.9 |
Aug. |
-0.2 |
0.3 |
0.2 |
-0.1 |
-0.2 |
0.4 |
-0.3 |
-2.1 |
0.6 |
0.3 |
2.7 |
3.0 |
Sept. |
0.6 |
0.2 |
0.6 |
0.8 |
2.0 |
0.2 |
0.6 |
1.6 |
0.7 |
0.2 |
3.0 |
3.0 |
Oct. |
0.1 |
0.6 |
-0.2 |
-0.4 |
-2.2 |
0.5 |
0.2 |
-0.9 |
0.0 |
0.7 |
2.8 |
3.5 |
Nov. |
0.3 |
0.2 |
0.8 |
0.1 |
3.5 |
0.2 |
0.0 |
-0.5 |
0.7 |
0.2 |
3.0 |
3.6 |
Dec. |
0.4 |
0.2 |
-0.1 |
-0.2 |
-1.5 |
0.4 |
0.6 |
1.9 |
0.3 |
0.0 |
3.0 |
3.4 |
2026 |
|
Jan. |
0.5 |
0.4 |
-0.2 |
-1.4 |
-2.3 |
0.7 |
0.8 |
2.2 |
1.2 |
0.1 |
2.9 |
3.4 |
Feb. |
0.7 |
0.5 |
1.1 |
2.4 |
2.3 |
0.3 |
0.5 |
0.4 |
0.5 |
0.6 |
3.4 |
3.5 |
Intermediate Demand by Commodity Type
Within intermediate demand in February, price increases were broad-based, with the index for
processed goods rising 1.6 percent, prices for unprocessed goods advancing 3.1 percent, and the
index for services moving up 0.8 percent. (See tables B and C.)
Processed goods for intermediate demand: The index for processed goods for intermediate
demand rose 1.6 percent in February, the largest increase since moving up 2.0 percent in August
2023. Sixty percent of the February advance is attributable to a 5.5-percent jump in prices for
processed energy goods. The indexes for processed materials less foods and energy and for processed
foods and feeds also rose, 0.8 percent and 0.3 percent, respectively. For the 12 months ended in
February, prices for processed goods for intermediate demand increased 4.0 percent, the largest 12-
month advance since moving up 4.8 percent in December 2022.
Product detail: Nearly 30 percent of the February rise in the index for processed goods for
intermediate demand can be traced to prices for diesel fuel, which increased 13.9 percent. The
indexes for utility natural gas, electronic components and accessories, jet fuel, industrial chemicals,
and meats also moved higher. In contrast, prices for sugar and confectionery products fell 1.8
percent. The indexes for asphalt and for plastic resins and materials also decreased.
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate
demand advanced 3.1 percent in February, the largest increase since moving up 5.5 percent in
January 2025. Sixty percent of the February rise is attributable to prices for unprocessed energy
materials, which climbed 6.0 percent. The indexes for unprocessed foodstuffs and feedstuffs and for
unprocessed nonfood materials less energy also advanced, 2.3 percent and 1.1 percent, respectively.
For the 12 months ended in February, prices for unprocessed goods for intermediate demand declined
1.7 percent.
Product detail: Over 30 percent of the February increase in the index for unprocessed goods for
intermediate demand can be traced to a 10.9-percent rise in natural gas prices. The indexes for crude
petroleum; slaughter steers and heifers; slaughter hogs; hay, hayseeds, and oilseeds; and carbon steel
scrap also moved higher. Conversely, raw milk prices fell 9.1 percent. The indexes for slaughter cows
and bulls and for cast iron scrap also declined.
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.) |
2025 |
|
Feb. |
0.4 |
2.1 |
-0.2 |
0.3 |
0.3 |
0.3 |
4.4 |
-4.2 |
1.3 |
9.3 |
Mar. |
0.1 |
-0.2 |
-2.1 |
0.7 |
0.7 |
-3.8 |
-5.6 |
-5.0 |
1.0 |
6.5 |
Apr. |
0.3 |
-0.9 |
-0.1 |
0.5 |
0.5 |
-3.5 |
-2.9 |
-7.1 |
1.1 |
0.3 |
May |
0.2 |
0.7 |
-1.5 |
0.5 |
1.8 |
-1.6 |
1.2 |
-5.0 |
-0.9 |
-1.2 |
June |
-0.1 |
-0.3 |
-0.1 |
0.0 |
1.8 |
2.2 |
0.9 |
5.1 |
0.7 |
0.6 |
July |
0.7 |
-0.2 |
2.2 |
0.4 |
2.1 |
1.3 |
0.7 |
1.9 |
1.5 |
0.2 |
Aug. |
0.4 |
0.6 |
0.2 |
0.4 |
2.6 |
-1.8 |
-0.4 |
-4.3 |
-0.5 |
1.7 |
Sept. |
0.2 |
0.7 |
0.1 |
0.2 |
3.7 |
-0.5 |
0.4 |
-2.8 |
1.2 |
3.6 |
Oct. |
-0.1 |
-1.6 |
-0.6 |
0.2 |
3.1 |
-1.3 |
-1.8 |
-4.1 |
3.3 |
-0.6 |
Nov. |
0.6 |
-0.3 |
3.0 |
0.1 |
3.6 |
1.3 |
-0.2 |
3.3 |
0.8 |
0.8 |
Dec. |
0.1 |
-1.0 |
-2.4 |
0.8 |
3.6 |
2.1 |
-2.3 |
7.1 |
2.2 |
-0.1 |
2026 |
|
Jan. |
0.1 |
-0.3 |
-1.3 |
0.5 |
2.8 |
0.9 |
-3.2 |
3.7 |
3.2 |
-4.5 |
Feb. |
1.6 |
0.3 |
5.5 |
0.8 |
4.0 |
3.1 |
2.3 |
6.0 |
1.1 |
-1.7 |
Services for intermediate demand: Prices for services for intermediate demand moved up 0.8
percent in February, the largest rise since climbing 0.8 percent in January 2024. Sixty percent of the
February increase was the result of a 0.7-percent advance in the index for services less trade,
transportation, and warehousing for intermediate demand. The indexes for trade services for
intermediate demand and for transportation and warehousing services for intermediate demand also
moved higher, 1.0 percent and 0.8 percent, respectively. For the 12 months ended in February, prices
for services for intermediate demand rose 3.7 percent, the largest 12-month increase since advancing
3.8 percent in October 2024.
Product detail: Twenty percent of the February increase in the index for services for intermediate
demand can be attributed to a 4.2-percent advance in prices for securities brokerage, dealing,
investment advice, and related services. The indexes for food and alcohol wholesaling; gross rents for
retail properties; freight forwarding; metals, minerals, and ores wholesaling; and legal services also
moved higher. In contrast, prices for television advertising time sales declined 7.9 percent. The
indexes for hardware, building materials, and supplies retailing and for ground courier and messenger
services also fell.
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.) |
2025 |
|
Feb. |
0.2 |
0.4 |
0.2 |
0.2 |
2.5 |
Mar. |
0.4 |
2.6 |
-0.4 |
0.0 |
2.6 |
Apr. |
-0.4 |
-2.1 |
0.4 |
-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 |
0.6 |
1.3 |
0.9 |
0.3 |
1.9 |
Aug. |
0.0 |
-1.9 |
0.3 |
0.5 |
1.9 |
Sept. |
0.3 |
1.5 |
0.4 |
-0.1 |
2.0 |
Oct. |
0.4 |
0.2 |
0.3 |
0.4 |
2.2 |
Nov. |
0.2 |
1.1 |
0.6 |
-0.1 |
2.5 |
Dec. |
0.5 |
1.3 |
0.7 |
0.2 |
2.7 |
2026 |
|
Jan. |
0.6 |
2.7 |
0.6 |
0.1 |
3.1 |
Feb. |
0.8 |
1.0 |
0.8 |
0.7 |
3.7 |
Intermediate Demand by Production Flow
Stage 4 intermediate demand: The index for stage 4 intermediate demand increased 1.0 percent in
February, the largest advance since moving up 1.0 percent in May 2022. In February, prices for both
total services inputs and total goods inputs to stage 4 intermediate demand also rose 1.0 percent. (See
table D.) Increases in the indexes for securities brokerage, dealing, investment advice, and related
services; gross rents for retail properties; food and alcohol wholesaling; electronic components and
accessories; utility natural gas; and diesel fuel outweighed declining prices for gross rents for office
buildings, industrial electric power, and confectionary materials. For the 12 months ended in
February, the index for stage 4 intermediate demand advanced 4.6 percent, the largest 12-month rise
since moving up 4.8 percent in February 2023.
Stage 3 intermediate demand: The index for stage 3 intermediate demand increased 0.7 percent in
February, the largest advance since rising 0.7 percent in July 2025. In February, prices for total goods
inputs to stage 3 intermediate demand jumped 1.2 percent, and the index for total services inputs
moved up 0.2 percent. Advances in prices for diesel fuel; electronic components and accessories;
slaughter steers and heifers; slaughter hogs; securities brokerage, dealing, investment advice, and
related services; and ungraded chicken eggs outweighed declines in the indexes for raw milk,
television advertising time sales, and asphalt. For the 12 months ended in February, prices for stage 3
intermediate demand rose 1.1 percent.
Stage 2 intermediate demand: Prices for stage 2 intermediate demand rose 1.8 percent in February,
the largest increase since advancing 2.0 percent in January 2025. In February, the index for total
goods inputs to stage 2 intermediate demand jumped 3.1 percent, and prices for total services inputs
moved up 1.0 percent. Increases in the indexes for gas fuels; crude petroleum; freight forwarding;
food and alcohol wholesaling; electronic components and accessories; and securities brokerage,
dealing, investment advice, and related services outweighed decreasing prices for plastic resins and
materials, broadcast and network television advertising time sales, and business loans (partial). For
the 12 months ended in February, the index for stage 2 intermediate demand moved up 2.3 percent,
the largest 12-month advance since rising 2.6 percent in March 2025.
Stage 1 intermediate demand: The index for stage 1 intermediate demand rose 1.4 percent in
February, the largest advance since jumping 1.9 percent in May 2022. In February, prices for total
goods inputs to stage 1 intermediate demand moved up 1.8 percent, and the index for total services
inputs increased 1.0 percent. Higher prices for diesel fuel; carbon steel scrap; utility natural gas;
securities brokerage, dealing, investment advice, and related services; industrial chemicals; and
traveler accommodation services outweighed declines in the indexes for hardware, building
materials, and supplies retailing; television advertising time sales; and confectionery materials. For
the 12 months ended in February, prices for stage 1 intermediate demand rose 5.3 percent, the largest
12-month advance since moving up 5.4 percent in December 2022.
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 |
2025 |
|
Feb. |
0.3 |
0.3 |
0.4 |
0.6 |
1.5 |
-0.1 |
-0.7 |
-1.5 |
0.0 |
0.5 |
0.5 |
0.4 |
Mar. |
0.3 |
0.1 |
0.5 |
-0.4 |
-1.6 |
0.5 |
-0.5 |
-1.9 |
0.4 |
0.4 |
0.3 |
0.5 |
Apr. |
0.0 |
0.5 |
-0.4 |
-0.5 |
-0.9 |
-0.2 |
-1.1 |
-2.5 |
-0.2 |
-0.2 |
0.3 |
-0.6 |
May |
0.1 |
0.3 |
-0.1 |
0.2 |
0.3 |
0.1 |
-0.6 |
-1.8 |
0.2 |
0.2 |
0.2 |
0.1 |
June |
0.1 |
0.1 |
0.1 |
0.1 |
-0.1 |
0.3 |
0.8 |
2.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
July |
0.7 |
0.5 |
0.9 |
0.7 |
1.0 |
0.4 |
0.5 |
0.9 |
0.2 |
0.9 |
0.8 |
1.1 |
Aug. |
0.2 |
0.4 |
0.0 |
0.0 |
0.1 |
0.0 |
-0.6 |
-1.3 |
-0.1 |
0.0 |
0.2 |
-0.2 |
Sept. |
0.3 |
0.4 |
0.2 |
0.1 |
-0.1 |
0.3 |
-0.1 |
-0.6 |
0.2 |
0.4 |
0.5 |
0.4 |
Oct. |
0.3 |
0.2 |
0.5 |
-0.2 |
-0.9 |
0.3 |
-0.2 |
-1.0 |
0.3 |
0.3 |
0.0 |
0.5 |
Nov. |
0.4 |
0.4 |
0.4 |
0.2 |
0.3 |
0.1 |
0.3 |
1.3 |
-0.4 |
0.4 |
0.5 |
0.4 |
Dec. |
0.5 |
0.2 |
0.9 |
0.1 |
-0.5 |
0.5 |
1.6 |
3.3 |
0.5 |
0.3 |
0.0 |
0.7 |
2026 |
|
Jan. |
0.6 |
0.2 |
1.0 |
0.1 |
-0.5 |
0.6 |
0.6 |
1.3 |
0.2 |
0.9 |
0.8 |
0.9 |
Feb. |
1.0 |
1.0 |
1.0 |
0.7 |
1.2 |
0.2 |
1.8 |
3.1 |
1.0 |
1.4 |
1.8 |
1.0 |
________________
The Producer Price Index for March 2026 is scheduled to be released on Tuesday, April 14, 2026,
at 8:30 a.m. (ET).
*****
Effect of Federal Government Shutdown on PPI Data
The Federal government shutdown in October and November 2025 has continued to delay the
transmission of Producer Price Index (PPI) price-update requests. Price-update requests asking
for information as of the February 10, 2026 pricing date were sent to PPI survey respondents on
February 19, 2026. The response rate for February data reflected in this release is within the
normal range, and no modifications to PPI methodology or procedures were necessary.
The upcoming PPI data release for March is scheduled for April 14, 2026. The PPI release
schedule for 2026 is available at www.bls.gov/schedule/news_release/ppi.htm.
United States Department of Labor
