Producer Price Index News Release summary

Transmission of material in this release is embargoed until USDL 24-2103
8:30 a.m. (ET) Friday October 11, 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 - SEPTEMBER 2024

The Producer Price Index for final demand was unchanged in September, seasonally adjusted,
the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.2 percent in
August and were unchanged in July. (See table A.) On an unadjusted basis, the index for final
demand rose 1.8 percent for the 12 months ended in September.

Within final demand in September, a 0.2-percent increase in the index for final demand services
offset a 0.2-percent decline in prices for final demand goods.

The index for final demand less foods, energy, and trade services inched up 0.1 percent in
September after rising 0.2 percent in August. For the 12 months ended in September, prices for
final demand less foods, energy, and trade services increased 3.2 percent.

Final Demand

Final demand services: The index for final demand services moved up 0.2 percent in September
after rising 0.4 percent in August. Leading the broad-based increase in September, prices for final
demand services less trade, transportation, and warehousing advanced 0.1 percent. The indexes for
final demand trade services and for final demand transportation and warehousing services also rose,
0.2 percent and 0.3 percent, respectively. (Trade indexes measure changes in margins received by
wholesalers and retailers.)

Product detail: A 3.0-percent increase in the index for deposit services (partial) was a major factor in
the September advance in prices for final demand services. The indexes for machinery and vehicle
wholesaling, furniture retailing, desktop and portable device application software publishing, apparel
wholesaling, and airline passenger services also rose. Conversely, margins for professional and
commercial equipment wholesaling fell 6.3 percent. The indexes for securities brokerage, dealing,
investment advice, and related services and for consumer loans (partial) also moved lower. (See table
2.)

Final demand goods: The index for final demand goods decreased 0.2 percent in September
following no change in August. The decline can be traced to a 2.7-percent drop in prices for final
demand energy. In contrast, the indexes for final demand foods and for final demand goods less foods
and energy increased 1.0 percent and 0.2 percent, respectively.

Product detail: Leading the September decline in prices for final demand goods, the index for
gasoline decreased 5.6 percent. Prices for diesel fuel, jet fuel, chicken eggs, home heating oil, and
plastic resins and materials also fell. Conversely, the index for processed poultry jumped 8.8 percent.
Prices for electric power and for motor vehicles also moved higher.

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.)
Month	Total final demand	Final demand less foods, energy, and trade	Total	Foods	Energy	Less foods and energy	Total	Trade	Transportation and warehousing	Other	Change in final demand from 12 months ago (unadj.)
2023
Sept.	0.2	0.3	0.9	0.4	3.2	0.3	-0.1	-1.1	0.4	0.3	1.8	2.9
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(1)	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(1)	0.3	0.1	-0.3	0.1	-2.0	0.0	0.6	1.9	-0.1	0.1	2.9	3.2
July(1)	0.0	0.4	0.6	0.6	1.7	0.2	-0.2	-1.8	1.2	0.3	2.3	3.4
Aug.(1)	0.2	0.2	0.0	0.2	-1.0	0.2	0.4	0.7	-0.9	0.4	1.9	3.3
Sept.	0.0	0.1	-0.2	1.0	-2.7	0.2	0.2	0.2	0.3	0.1	1.8	3.2
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2024 through August 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in September, prices for processed goods declined 0.8 percent, the index
for unprocessed goods fell 3.2 percent, and prices for services moved up 0.2 percent. (See tables B
and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate
demand moved down 0.8 percent in September, the largest decline since falling 1.4 percent in May.
Most of the September decrease is attributable to prices for processed energy goods, which dropped
4.7 percent. The index for processed materials less foods and energy edged down 0.1 percent. In
contrast, prices for processed foods and feeds rose 0.9 percent. For the 12 months ended in
September, the index for processed goods for intermediate demand decreased 2.7 percent, the largest
12-month decline since falling 3.7 percent in January.

Product detail: Over 80 percent of the September decrease in prices for processed goods for
intermediate demand can be attributed to the index for diesel fuel, which dropped 17.6 percent.
Prices for gasoline, basic organic chemicals, plastic resins and materials, jet fuel, and asphalt also
moved lower. Conversely, the index for processed poultry advanced 8.8 percent. Prices for softwood
lumber and for commercial electric power also increased.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate
demand moved down 3.2 percent in September, the largest decline since falling 4.1 percent in
December 2023. The September decrease is attributable to prices for unprocessed energy materials,
which dropped 12.6 percent. In contrast, the indexes for unprocessed foodstuffs and feedstuffs and
for unprocessed nonfood materials less energy increased 2.7 percent and 1.9 percent, respectively.
For the 12 months ended in September, prices for unprocessed goods for intermediate demand fell
9.5 percent, the largest 12-month decline since decreasing 13.5 percent in January.

Product detail: Most of the September decrease in prices for unprocessed goods for intermediate
demand can be traced to the index for crude petroleum, which fell 16.7 percent. Prices for ungraded
chicken eggs; slaughter steers and heifers; coal; fresh vegetables, except potatoes; and recyclable
paper also moved down. Conversely, the index for slaughter poultry advanced 5.8 percent. Prices for
nonferrous metal ores and for natural gas also increased.

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
Month	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
Sept.	0.5	0.7	2.1	0.0	-3.7	2.9	1.2	6.8	-0.4	-21.5
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)	-1.4	0.4	-7.5	0.1	-0.6	0.0	2.8	-3.9	1.9	-0.1
June(1)	-0.1	0.7	-0.7	0.0	-0.2	0.5	-1.3	3.1	-0.5	1.6
July(1)	0.6	1.5	2.5	0.1	0.8	2.1	2.0	3.2	0.4	1.4
Aug.(1)	-0.2	-0.2	-0.9	0.1	-1.3	-3.1	-1.3	-6.3	-1.1	-3.8
Sept.	-0.8	0.9	-4.7	-0.1	-2.7	-3.2	2.7	-12.6	1.9	-9.5
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2024 through August 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Services for intermediate demand: The index for services for intermediate demand increased 0.2 
percent in September after edging down 0.1 percent in August. Over half of the broad-based rise can 
be attributed to prices for services less trade, transportation, and warehousing for intermediate 
demand, which advanced 0.2 percent. The indexes for transportation and warehousing services for 
intermediate demand and for trade services for intermediate demand also moved up, 0.3 percent and 
0.2 percent, respectively. For the 12 months ended in September, prices for services for intermediate 
demand advanced 3.5 percent.

Product detail: Leading the September increase in the index for services for intermediate demand, 
prices for staffing services jumped 2.7 percent. The indexes for deposit services (partial), investment 
banking, food and alcohol wholesaling, radio advertising time sales, and services related to air 
transportation also moved higher. In contrast, prices for securities brokerage, dealing, investment 
advice, and related services fell 2.3 percent. The indexes for machinery and equipment parts and 
supplies wholesaling and for long-distance motor carrying 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
Month	Total	Trade	Transportation and warehousing	Other	Total, change from 12 months ago (unadj.)
2023
Sept.	0.3	-0.4	0.8	0.4	4.0
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(1)	0.3	0.6	0.5	0.2	3.5
June(1)	0.4	0.8	-0.2	0.5	4.0
July(1)	0.3	0.4	0.7	0.2	3.6
Aug.(1)	-0.1	-0.1	-0.2	-0.1	3.6
Sept.	0.2	0.2	0.3	0.2	3.5
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2024 through August 2024 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: Prices for stage 4 intermediate demand edged up 0.1 percent in
September after decreasing 0.1 percent in August. In September, the indexes for both total goods
inputs and for total services inputs to stage 4 intermediate demand advanced 0.1 percent. (See table
D.) Rising prices for processed poultry; staffing services; investment banking; grains; and hay,
hayseeds, and oilseeds outweighed declines in the indexes for securities brokerage, dealing,
investment advice, and related services; diesel fuel; gross rents for retail properties; and gasoline. For
the 12 months ended in September, prices for stage 4 intermediate demand increased 1.8 percent.

Stage 3 intermediate demand: The index for stage 3 intermediate demand decreased 0.2 percent in
September following a 0.4-percent decline in August. In September, prices for total goods inputs to
stage 3 intermediate demand fell 0.9 percent. Conversely, the index for total services inputs rose 0.4
percent. Lower prices for diesel fuel, basic organic chemicals, jet fuel, plastic resins and materials,
asphalt, and television advertising time sales outweighed advances in the indexes for staffing
services, slaughter poultry, and slaughter hogs. For the 12 months ended in September, prices for
stage 3 intermediate demand were unchanged.

Stage 2 intermediate demand: The index for stage 2 intermediate demand decreased 1.6 percent in
September, the largest decline since falling 2.5 percent in March 2023. In September, prices for total
goods inputs to stage 2 intermediate demand dropped 4.6 percent. In contrast, the index for total
services inputs moved up 0.5 percent. Decreases in prices for crude petroleum; business loans
(partial); coal; basic organic chemicals; diesel fuel; and securities brokerage, dealing, investment
advice, and related services outweighed advances in the indexes for staffing services, deposit services
(partial), and natural gas. For the 12 months ended in September, prices for stage 2 intermediate
demand fell 2.4 percent, the largest 12-month decline since moving down 2.9 percent in January.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand declined 0.5 percent in
September, the first decrease since falling 0.7 percent in May. In September, the index for total goods
inputs to stage 1 intermediate demand moved down 0.9 percent, while prices for total services inputs
were unchanged. Declines in the indexes for diesel fuel; securities brokerage, dealing, investment
advice, and related services; gross rents for retail properties; gasoline; basic organic chemicals; and
air conditioning and refrigeration equipment outweighed higher prices for grains, investment
banking, and traveler accommodation services. For the 12 months ended in September, the index for
stage 1 intermediate demand fell 0.3 percent, the first 12-month decrease since moving down 0.5
percent in January.

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
Month	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs	Total	Goods inputs	Services inputs
2023
Sept.	0.3	0.3	0.3	0.5	0.9	0.3	1.2	3.0	-0.1	0.3	0.3	0.2
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(1)	-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(1)	0.1	-0.1	0.3	-0.1	-0.3	0.2	0.8	1.2	0.5	0.2	-0.2	0.5
July(1)	0.5	0.2	0.7	0.7	1.2	0.3	0.6	1.6	-0.1	0.6	0.7	0.5
Aug.(1)	-0.1	0.0	-0.1	-0.4	-0.5	-0.4	-1.1	-2.8	0.0	0.0	-0.1	0.1
Sept.	0.1	0.1	0.1	-0.2	-0.9	0.4	-1.6	-4.6	0.5	-0.5	-0.9	0.0
Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2024 through August 2024 have been revised to reflect the availability of late reports and corrections by respondents.

________________
The Producer Price Index for October 2024 is scheduled to be released on Thursday, November 14, 2024, 
at 8:30 a.m. (ET).

Technical notes

Table 1. Producer price index percent changes and weights for Final Demand - Intermediate Demand groupings, seasonally adjusted

Table 2. Producer price index percent changes for selected commodity groupings by Final Demand - Intermediate Demand category, seasonally adjusted

Table 3. Producer price indexes Final Demand - Intermediate Demand groupings, seasonally adjusted

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Last Modified Date: October 11, 2024