Producer Price Index News Release summary

Transmission of material in this release is embargoed until                          USDL 24-1327
8:30 a.m. (ET) Friday, July 12, 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 - JUNE 2024


The Producer Price Index for final demand advanced 0.2 percent in June, seasonally adjusted, the 
U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in May and 
increased 0.5 percent in April. (See table A.) On an unadjusted basis, the index for final demand 
rose 2.6 percent for the 12 months ended in June, the largest advance since moving up 2.7 
percent for the 12 months ended March 2023.

The June rise in the index for final demand can be traced to a 0.6-percent increase in prices for 
final demand services. In contrast, the index for final demand goods decreased 0.5 percent.

Prices for final demand less foods, energy, and trade services were unchanged in June following 
a 0.2-percent advance in May. For the 12 months ended in June, the index for final demand less 
foods, energy, and trade services moved up 3.1 percent.

Final Demand

Final demand services: Prices for final demand services rose 0.6 percent in June after moving up 
0.3 percent in May. Nearly all the June increase is attributable to a 1.9-percent jump in margins for 
final demand trade services. (Trade indexes measure changes in margins received by wholesalers and 
retailers.) The index for final demand services less trade, transportation, and warehousing inched up 
0.1 percent. Conversely, prices for final demand transportation and warehousing services fell 0.4 
percent. 

Product detail: Over one-quarter of the June advance in prices for final demand services can be 
traced to a 3.7-percent rise in margins for machinery and vehicle wholesaling. The indexes for 
automobiles and automobile parts retailing; deposit services (partial); fuels and lubricants retailing; 
computer hardware, software, and supplies retailing; and professional and commercial equipment 
wholesaling also moved higher. In contrast, prices for truck transportation of freight declined 1.2 
percent. The indexes for residential real estate loans (partial) and for machinery and equipment parts 
and supplies wholesaling also decreased. (See table 2.)

Final demand goods: Prices for final demand goods moved down 0.5 percent in June after falling 
0.8 percent in May. Most of the June decrease is attributable to a 2.6-percent drop in the index for 
final demand energy. Prices for final demand foods declined 0.3 percent, while the index for final 
demand goods less foods and energy was unchanged.

Product detail: Over 60 percent of the June decrease in the index for final demand goods can be 
traced to a 5.8-percent decline in prices for gasoline. The indexes for processed poultry, residential 
electric power, diesel fuel, jet fuel, and fresh and dry vegetables also moved lower. Conversely, 
prices for chicken eggs increased 55.4 percent. The indexes for residential natural gas and for 
aluminum base scrap also advanced.

Intermediate Demand by Commodity Type

Within intermediate demand in June, prices for processed goods fell 0.2 percent, the index for 
unprocessed goods advanced 1.4 percent, and prices for services rose 0.2 percent. (See tables B and 
C.)

Processed goods for intermediate demand: The index for processed goods for intermediate 
demand fell 0.2 percent in June after moving down 1.4 percent in May. Most of the June decrease can 
be attributed to a 1.1-percent decline in prices for processed energy goods. The index for processed 
materials less foods and energy edged down 0.1 percent. In contrast, prices for processed foods and 
feeds advanced 0.2 percent. For the 12 months ended in June, the index for processed goods for 
intermediate demand fell 0.5 percent.

Product detail: Sixty percent of the June decrease in prices for processed goods for intermediate 
demand can be attributed to a 5.8-percent decline in the index for gasoline. Prices for diesel fuel, 
primary basic organic chemicals, commercial electric power, processed poultry, and jet fuel also fell. 
Conversely, the index for confectionery materials advanced 8.1 percent. Prices for industrial electric 
power and for aluminum mill shapes also moved higher.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate 
demand rose 1.4 percent in June, the third consecutive advance. The June increase can be traced to 
prices for unprocessed energy goods, which moved up 4.7 percent. Conversely, the indexes for 
unprocessed foodstuffs and feedstuffs and for unprocessed nonfood materials less energy decreased, 
0.3 percent and 0.4 percent, respectively. For the 12 months ended in June, prices for unprocessed 
goods for intermediate demand moved up 2.7 percent, the first increase since rising 2.8 percent for 
the 12 months ended January 2023. 

Product detail: Leading the June advance in the index for unprocessed goods for intermediate 
demand, prices for natural gas jumped 36.3 percent. The indexes for raw milk, ungraded chicken 
eggs, slaughter chickens, aluminum base scrap, and slaughter sows also rose. In contrast, prices for 
slaughter barrows and gilts fell 16.0 percent. The indexes for nonferrous metal ores and for crude 
petroleum also declined.  

Services for intermediate demand: The index for services for intermediate demand increased 0.2 
percent in June, the fourth consecutive rise. Leading the June advance, prices for services less trade, 
transportation, and warehousing for intermediate demand moved up 0.3 percent. Margins for trade 
services for intermediate demand increased 0.5 percent. Conversely, the index for transportation and 
warehousing services for intermediate demand declined 0.4 percent. For the 12 months ended in 
June, prices for services for intermediate demand rose 3.8 percent.

Product detail: One-third of the June increase in the index for services for intermediate demand can 
be traced to a 3.8-percent advance in prices for gross rents for retail properties. The indexes for 
deposit services (partial); securities brokerage, dealing, investment advice, and related services; 
building materials, paint, and hardware wholesaling; fuels and lubricants retailing; and airline 
passenger services also moved higher. In contrast, prices for warehousing, storage, and related 
services declined 2.9 percent. The indexes for machinery and equipment parts and supplies 
wholesaling and for staffing services also decreased. 

Intermediate Demand by Production Flow

Stage 4 intermediate demand: Prices for stage 4 intermediate demand edged up 0.1 percent in June 
after falling 0.1 percent in May. In June, the index for total services inputs to stage 4 intermediate 
demand advanced 0.3 percent. Conversely, prices for total goods inputs decreased 0.2 percent. (See 
table D.) Increases in the indexes for gross rents for retail properties; industrial electric power; 
securities brokerage, dealing, investment advice, and related services; deposit services (partial); and 
portfolio management outweighed declines in the indexes for gasoline; machinery and equipment 
parts and supplies wholesaling; warehousing, storage, and related services; and fabricated structural 
metal. For the 12 months ended in June, prices for stage 4 intermediate demand rose 2.3 percent, the 
largest advance since moving up 2.4 percent for the 12 months ended August 2023. 

Stage 3 intermediate demand: The index for stage 3 intermediate demand was unchanged in June 
after declining 0.3 percent in May. In June, prices for total goods inputs to stage 3 intermediate 
demand edged down 0.1 percent, while the index for total services inputs was unchanged. Advances 
in prices for raw milk, ungraded chicken eggs, slaughter chickens, deposit services (partial), and 
gross rents for retail properties offset declines in the indexes for slaughter barrows and gilts, diesel 
fuel, jet fuel, cable network advertising time sales, and gasoline. For the 12 months ended in June, 
prices for stage 3 intermediate demand increased 1.2 percent, the largest rise since moving up 2.4 
percent for the 12 months ended February 2023.

Stage 2 intermediate demand: The index for stage 2 intermediate demand advanced 0.8 percent in 
June after falling 0.2 percent in May. In June, prices for total goods inputs to stage 2 intermediate 
demand rose 1.6 percent, and the index for total services inputs increased 0.3 percent. Advances in 
the indexes for natural gas, deposit services (partial), fuels and lubricants retailing, aluminum base 
scrap, business loans (partial), and broadcast and network television advertising time sales 
outweighed decreases in prices for liquefied petroleum gas, oilseeds, and staffing services. For the 12 
months ended in June, prices for stage 2 intermediate demand moved up 3.7 percent, the largest 
increase since rising 5.5 percent for the 12 months ended January 2023. 

Stage 1 intermediate demand: The index for stage 1 intermediate demand edged up 0.1 percent in 
June following a 0.7-percent decrease in May. In June, prices for total services inputs to stage 1 
intermediate demand advanced 0.5 percent. In contrast, the index for total goods inputs fell 0.3 
percent. Increases in the indexes for gross rents for retail properties; securities brokerage, dealing, 
investment advice, and related services; building materials, paint, and hardware wholesaling; 
industrial electric power; and utility natural gas outweighed declines in prices for diesel fuel, 
gasoline, primary basic organic chemicals, and truck transportation of freight. For the 12 months 
ended in June, prices for stage 1 intermediate demand advanced 1.0 percent, the largest rise since 
moving up 3.8 percent for the 12 months ended February 2023. 

________________
The Producer Price Index for July 2024 is scheduled to be released on Tuesday, August 13, 2024, 
at 8:30 a.m. (ET).

                                                 *****

                                  Resampling of Industries - June 2024

Effective with the release of data for June 2024, the Producer Price Index (PPI) includes data for 
10 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 June 2024, see the current 
issue of the PPI Detailed Report online at www.bls.gov/ppi/detailed-report/ppi-detailed-report-
june-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
236222        New school building construction
311514        Dry, condensed, and evaporated dairy products
315120        Apparel knitting mills
325991        Custom compounding of purchased resins
333414        Heating equipment (except warm air furnaces) manufacturing
334413        Semiconductor and related device manufacturing
339115        Ophthalmic goods manufacturing
339995        Burial casket manufacturing
493130        Farm product warehousing and storage
621511        Medical laboratories