Department of Labor Logo United States Department of Labor
Dot gov

The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.

Https

The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

Economic News Release
PRINT:Print
PPI PPI Program Links

Producer Price Index News Release summary

Transmission of material in this release is embargoed until                          USDL 24-0269
8:30 a.m. (ET) Friday, February 16, 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 - JANUARY 2024


The Producer Price Index for final demand increased 0.3 percent in January, seasonally adjusted, 
the U.S. Bureau of Labor Statistics reported today. Final demand prices declined 0.1 percent in 
December 2023 and advanced 0.1 percent in November. (See table A.) On an unadjusted basis, 
the index for final demand rose 0.9 percent for the 12 months ended January 2024. 

In January, the advance in the index for final demand can be traced to a 0.6-percent rise in prices 
for final demand services. In contrast, the index for final demand goods decreased 0.2 percent.

The index for final demand less foods, energy, and trade services rose 0.6 percent in January 
2024, the largest advance since moving up 0.6 percent in January 2023. For the 12 months ended 
January 2024, prices for final demand less foods, energy, and trade services increased 2.6 
percent. 

Final Demand

Final demand services: The index for final demand services moved up 0.6 percent in January, the 
largest increase since rising 0.8 percent in July 2023. In January, most of the advance is attributable 
to prices for final demand services less trade, transportation, and warehousing, which climbed 0.8 
percent. The index for final demand trade services moved up 0.2 percent. (Trade indexes measure 
changes in margins received by wholesalers and retailers.) Conversely, prices for final demand 
transportation and warehousing services fell 0.4 percent. 

Product detail: A 2.2-percent increase in the index for hospital outpatient care was a major factor in 
the January rise in prices for final demand services. The indexes for chemicals and allied products 
wholesaling, machinery and equipment wholesaling, portfolio management, traveler accommodation 
services, and legal services also moved higher. In contrast, prices for long-distance motor carrying 
decreased 1.0 percent. The indexes for computer hardware, software, and supplies retailing and for 
engineering services also moved lower. (See table 2.)

Final demand goods: The index for final demand goods moved down 0.2 percent in January, the 
fourth consecutive decline. Most of the January decrease is attributable to a 1.7-percent drop in prices 
for final demand energy. The index for final demand foods fell 0.3 percent. Conversely, prices for 
final demand goods less foods and energy increased 0.3 percent.

Product detail: Leading the January decline in the index for final demand goods, prices for gasoline 
fell 3.6 percent. The indexes for electric power; hay, hayseeds, and oilseeds; beef and veal; ethanol; 
and iron and steel scrap also moved lower. In contrast, prices for communication and related 
equipment increased 2.4 percent. The indexes for soft drinks and for liquified petroleum gas 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.)
Total Foods Energy Less
foods
and
energy
Total Trade Transportation
and
warehousing
Other

2023

Jan.

0.4 0.6 1.1 -1.4 4.7 0.6 0.1 -0.9 -0.5 0.6 5.7 4.4

Feb.

0.0 0.3 -0.6 -2.3 -1.7 0.3 0.2 -0.1 -0.6 0.5 4.7 4.5

Mar.

-0.4 0.1 -0.8 0.3 -4.6 0.2 -0.2 -0.7 -0.7 0.1 2.7 3.7

Apr.

0.2 0.2 -0.1 -0.7 -0.1 0.1 0.3 0.5 -2.2 0.5 2.3 3.4

May

-0.2 0.0 -1.2 -0.8 -5.4 0.1 0.2 0.7 -0.7 0.1 1.1 2.9

June

0.0 0.2 -0.1 -0.4 0.4 -0.1 0.0 -0.8 -0.3 0.5 0.3 2.9

July

0.6 0.2 0.2 0.3 0.8 0.0 0.8 1.7 0.2 0.4 1.1 2.9

Aug.

0.6 0.2 1.7 -0.4 8.9 0.1 0.2 -0.1 0.0 0.3 1.9 2.9

Sept.(1)

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.(1)

-0.4 0.1 -1.3 0.2 -6.5 0.1 0.1 0.0 0.5 0.0 1.0 2.8

Nov.(1)

0.1 0.1 -0.1 0.7 -1.8 0.1 0.2 0.4 -0.2 0.1 0.7 2.5

Dec.(1)

-0.1 0.2 -0.3 -0.7 -1.0 0.1 -0.1 -1.0 -0.2 0.3 1.0 2.6

2024

Jan.

0.3 0.6 -0.2 -0.3 -1.7 0.3 0.6 0.2 -0.4 0.8 0.9 2.6

Footnotes
(1) Some of the percent changes shown here and elsewhere in this release may differ from those previously reported because seasonal adjustment factors have been recalculated to reflect developments during 2023. In addition, indexes for September 2023 through December 2023 have been recalculated to incorporate late reports and corrections by respondents. All indexes are subject to monthly revisions up to 4 months after original publication.

Intermediate Demand by Commodity Type

Within intermediate demand in January, the index for processed goods fell 0.2 percent, prices for 
unprocessed goods edged up 0.1 percent, and the index for services rose 0.5 percent. (See tables B 
and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate 
demand fell 0.2 percent in January, the fourth consecutive decrease. Leading the January decline, 
prices for processed energy goods dropped 1.7 percent. The index for processed foods and feeds 
moved down 1.5 percent. Conversely, prices for processed materials less foods and energy advanced 
0.3 percent. For the 12 months ended in January, the index for processed goods for intermediate 
demand decreased 3.8 percent.

Product detail: Leading the decline in prices for processed goods for intermediate demand, the index 
for electric power fell 2.1 percent. Prices for basic organic chemicals, gasoline, meats, prepared 
animal feeds, and lubricating oil base stocks also moved lower. In contrast, the index for inedible fats 
and oils jumped 23.3 percent. Prices for utility natural gas and for cold rolled steel sheet and strip 
also increased. 

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate 
demand inched up 0.1 percent in January following three straight declines. The increase is 
attributable to prices for unprocessed energy materials, which rose 3.8 percent. Conversely, the index 
for unprocessed foodstuffs and feedstuffs fell 2.2 percent, and prices for unprocessed nonfood 
materials less energy moved down 1.7 percent. For the 12 months ended in January, the index for 
unprocessed goods for intermediate demand declined 15.0 percent.

Product detail: Leading the rise in prices for unprocessed goods for intermediate demand in January, 
the index for crude petroleum advanced 6.1 percent. Prices for slaughter steers and heifers; 
construction sand, gravel, and crushed stone; slaughter turkeys; and unprocessed finfish also 
increased. In contrast, the index for corn declined 6.5 percent. Prices for hay, hayseeds, and oilseeds; 
iron and steel scrap; and natural gas also moved lower.

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

Jan.

1.0 0.2 4.4 0.1 3.9 -4.2 -4.8 -7.0 2.5 2.8

Feb.

-0.4 -1.9 -1.8 0.2 2.1 -5.2 -1.3 -10.9 -0.6 -10.4

Mar.

-0.8 -0.2 -3.1 -0.2 -1.0 -4.6 -0.6 -11.1 -0.6 -16.8

Apr.

-0.7 -1.3 -3.4 0.2 -3.4 0.6 -2.2 3.7 1.0 -20.3

May

-1.4 -1.3 -5.9 -0.1 -7.2 -4.9 -4.1 -8.0 -1.7 -28.2

June

-0.5 -1.3 -0.6 -0.4 -9.4 -1.2 0.3 -2.8 -1.4 -32.1

July

-0.3 1.0 -0.2 -0.5 -7.6 2.5 -0.8 10.1 -2.9 -24.1

Aug.

2.0 0.6 11.2 -0.2 -4.4 2.1 -0.1 6.0 -0.2 -26.2

Sept.(1)

0.5 0.7 2.1 0.0 -3.7 2.9 1.2 6.8 -0.4 -21.5

Oct.(1)

-1.0 -0.2 -4.3 -0.1 -4.6 -1.6 -2.1 -2.1 0.0 -14.8

Nov.(1)

-0.5 -0.5 -1.8 -0.2 -4.5 -2.1 -0.4 -5.4 0.8 -14.0

Dec.(1)

-0.5 -0.6 -2.8 0.2 -2.7 -4.4 -3.3 -8.6 0.6 -19.0

2024

Jan.

-0.2 -1.5 -1.7 0.3 -3.8 0.1 -2.2 3.8 -1.7 -15.0

Footnotes
(1) Some of the percent changes shown here and elsewhere in this release may differ from those previously reported because seasonal adjustment factors have been recalculated to reflect developments during 2023. In addition, indexes for September 2023 through December 2023 have been recalculated to incorporate late reports and corrections by respondents. All indexes are subject to monthly revisions up to 4 months after original publication.

Services for intermediate demand: In January, the index for services for intermediate demand 
moved up 0.5 percent, the third consecutive advance. Leading the January increase, prices for 
services less trade, transportation, and warehousing for intermediate demand rose 0.7 percent. The 
index for trade services for intermediate demand edged up 0.1 percent. Conversely, prices for 
transportation and warehousing for intermediate demand declined 0.1 percent. For the 12 months 
ended in January, the index for services for intermediate demand advanced 3.1 percent.

Product detail: A 1.6-percent increase in the index for nonresidential real estate rents was a major 
factor in the January advance in prices for services for intermediate demand. The indexes for 
chemicals and allied products wholesaling; portfolio management; legal services; residential property 
management fees; and metals, minerals, and ores wholesaling also moved higher. In contrast, prices 
for long-distance motor carrying declined 1.0 percent. The indexes for food and alcohol wholesaling 
and for radio advertising time sales also decreased.

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

Jan.

0.9 0.8 0.5 1.1 6.3

Feb.

0.3 -0.7 0.0 0.6 6.2

Mar.

-0.2 0.9 -0.9 -0.4 4.5

Apr.

0.6 0.9 -1.0 0.9 4.4

May

0.1 -0.3 -0.4 0.4 3.9

June

0.0 -0.9 -0.2 0.3 4.4

July

0.7 2.1 0.9 0.2 4.7

Aug.

-0.1 -0.6 -0.7 0.1 4.2

Sept.(1)

0.3 -0.4 0.8 0.4 4.0

Oct.(1)

-0.1 1.4 0.4 -0.5 3.4

Nov.(1)

0.5 1.3 -0.1 0.4 3.1

Dec.(1)

0.4 -0.3 0.8 0.5 3.5

2024

Jan.

0.5 0.1 -0.1 0.7 3.1

Footnotes
(1) Some of the percent changes shown here and elsewhere in this release may differ from those previously reported because seasonal adjustment factors have been recalculated to reflect developments during 2023. In addition, indexes for September 2023 through December 2023 have been recalculated to incorporate late reports and corrections by respondents. All indexes are subject to monthly revisions up to 4 months after original publication.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: The index for stage 4 intermediate demand moved up 0.4 percent in 
January, the largest increase since a 0.4-percent rise in August 2023. In January, prices for total 
services inputs to stage 4 intermediate demand advanced 0.8 percent. Conversely, the index for total 
goods inputs declined 0.2 percent. (See table D.) Increases in the indexes for chemicals and allied 
products wholesaling, portfolio management, nonresidential real estate rents, legal services, 
residential property management fees, and inedible fats and oils outweighed decreasing prices for 
electric power, engineering services, and meats. For the 12 months ended in January, the index for 
stage 4 intermediate demand rose 1.5 percent.

Stage 3 intermediate demand: Prices for stage 3 intermediate demand were unchanged in January 
following three consecutive declines. In January, a 0.2-percent advance in the index for total services 
inputs to stage 3 intermediate demand offset a 0.3-percent decrease in prices for total goods inputs. 
Increases in the indexes for chemicals and allied products wholesaling, legal services, nonresidential 
real estate rents, slaughter steers and heifers, and inedible fats and oils offset falling prices for corn, 
raw milk, slaughter chickens, cable network advertising time sales, and primary basic organic 
chemicals. For the 12 months ended in January, the index for stage 3 intermediate demand moved 
down 2.6 percent.

Stage 2 intermediate demand: Prices for stage 2 intermediate demand increased 0.5 percent in 
January following a 1.4-percent decline in December. The index for total goods inputs to stage 2 
intermediate demand advanced 0.6 percent, and prices for total services inputs moved up 0.4 percent. 
Increases in the indexes for crude petroleum, legal services, chemicals and allied products 
wholesaling, loan services (partial), liquefied petroleum gas, and traveler accommodation services 
outweighed declines in the indexes for basic organic chemicals, oilseeds, and fuels and lubricants 
retailing. For the 12 months ended in January, prices for stage 2 intermediate demand decreased 3.8 
percent. 

Stage 1 intermediate demand: Prices for stage 1 intermediate demand rose 0.2 percent in January 
following three consecutive declines. In January, the index for total services inputs to stage 1 
intermediate demand increased 0.7 percent. In contrast, prices for total goods inputs fell 0.3 percent. 
Advances in the indexes for chemicals and allied products wholesaling; inedible fats and oils; 
traveler accommodation services; portfolio management; metals, minerals, and ores wholesaling; and 
utility natural gas outweighed decreasing prices for basic organic chemicals, electric power, and 
engineering services. For the 12 months ended in January, the index for stage 1 intermediate demand 
moved down 0.7 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

2023

Jan.

1.0 0.7 1.2 0.3 -0.2 0.8 -0.9 -2.8 0.8 0.8 0.8 0.8

Feb.

0.0 -0.1 0.2 -0.3 -0.8 0.0 -1.5 -4.7 1.0 -0.3 -0.5 -0.1

Mar.

-0.2 -0.4 0.0 -0.6 -0.9 -0.3 -2.5 -4.9 -0.6 -0.3 -0.8 0.1

Apr.

0.2 -0.2 0.6 -0.4 -1.6 0.6 0.9 1.1 0.7 -0.2 -0.9 0.5

May

-0.1 -0.5 0.2 -1.2 -2.6 -0.1 -1.4 -4.0 0.5 -0.8 -1.5 -0.2

June

0.0 -0.1 0.0 -0.3 -0.4 -0.2 -1.0 -2.0 -0.2 -0.3 -0.6 0.1

July

0.4 -0.1 0.8 -0.3 -1.3 0.6 1.9 3.9 0.6 0.1 -0.7 0.9

Aug.

0.4 0.6 0.3 1.0 3.1 -0.6 0.7 2.2 -0.4 1.3 2.4 0.2

Sept.(1)

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.(1)

-0.3 -0.5 -0.2 -0.6 -1.8 0.4 -0.3 -1.2 0.3 -0.4 -0.8 -0.1

Nov.(1)

0.2 -0.1 0.5 -0.2 -1.1 0.6 -0.9 -2.4 0.2 -0.1 -0.7 0.6

Dec.(1)

0.2 0.0 0.3 -0.4 -1.6 0.6 -1.4 -3.8 0.4 -0.2 -0.7 0.2

2024

Jan.

0.4 -0.2 0.8 0.0 -0.3 0.2 0.5 0.6 0.4 0.2 -0.3 0.7

Footnotes
(1) Some of the percent changes shown here and elsewhere in this release may differ from those previously reported because seasonal adjustment factors have been recalculated to reflect developments during 2023. In addition, indexes for September 2023 through December 2023 have been recalculated to incorporate late reports and corrections by respondents. All indexes are subject to monthly revisions up to 4 months after original publication.

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

                                                   *****

                                 Recalculation of Seasonal Adjustment Factors

Effective with this release, seasonal adjustment factors have been recalculated to reflect price-
movement patterns during 2023 for the Final Demand-Intermediate Demand (FD-ID) system and 
commodity-grouping indexes. This routine annual recalculation may affect previously published 
seasonally adjusted indexes and percent changes for January 2019 through December 2023. 

Revised seasonally adjusted data for this period, as well as seasonal adjustment factors for directly 
adjusted commodity indexes to be used through December 2024, were released February 14, 2024. 
To obtain this information, contact the Producer Price Index Section of Index Analysis and Public 
Information at ppi-info@bls.gov or (202) 691-7705, or visit the Producer Price Index homepage at 
www.bls.gov/ppi.

Tables E and F below provide monthly seasonally adjusted percent changes for major FD-ID system 
indexes in 2023, based on former and recalculated seasonal factors. These percent changes include 
final price data through August 2023 and may differ from values shown in tables A through C of this 
release, which include final price data through September 2023 and revised interim data for October 
through December.

Table E. Over-the-month percent changes in major final demand indexes, seasonally adjusted, using 
former and recalculated seasonal factors for 2023

              Final         Final demand     Final demand    Final demand less foods,
              demand            goods           services    energy, and trade services
Month     Former  Recalc.  Former  Recalc.  Former  Recalc.     Former    Recalc.
January     0.4     0.4      1.3     1.1      0.0     0.1         0.5       0.6
February    0.0     0.0     -0.4    -0.6      0.2     0.2         0.3       0.3
March      -0.4    -0.4     -1.1    -0.8     -0.1    -0.2         0.1       0.1
April       0.2     0.2      0.1    -0.1      0.2     0.3         0.2       0.2
May        -0.3    -0.2     -1.5    -1.2      0.2     0.2         0.0       0.0
June        0.1     0.0      0.0    -0.1      0.1     0.0         0.3       0.2
July        0.5     0.6      0.3     0.2      0.7     0.8         0.2       0.2
August      0.7     0.6      1.9     1.7      0.2     0.2         0.2       0.2
September   0.4     0.4      0.8     0.8      0.2     0.2         0.3       0.3
October    -0.4    -0.4     -1.4    -1.3      0.0     0.0         0.1       0.1
November   -0.1    -0.1     -0.3    -0.2      0.0     0.0         0.1       0.0
December   -0.1    -0.2     -0.4    -0.3      0.0    -0.1         0.2       0.2


Table F. Over-the-month percent changes in major intermediate demand indexes, 
seasonally adjusted, using former and recalculated seasonal factors for 2023

            Processed goods for       Unprocessed goods for          Services for
            intermediate demand        intermediate demand        intermediate demand
Month      Former   Recalculated      Former   Recalculated      Former   Recalculated
January      1.1        1.0            -4.7       -4.2             1.0        0.9     
February    -0.4       -0.4            -4.9       -5.2             0.3        0.3     
March       -1.0       -0.8            -4.7       -4.6            -0.3       -0.2     
April       -0.5       -0.7             1.1        0.6             0.7        0.6     
May         -1.6       -1.4            -5.2       -4.9             0.2        0.1     
June        -0.5       -0.5            -1.0       -1.2             0.1        0.0     
July        -0.3       -0.3             2.4        2.5             0.6        0.7     
August       2.1        2.0             2.3        2.1            -0.1       -0.1     
September    0.6        0.5             3.3        2.9             0.2        0.2     
October     -1.0       -1.0            -2.0       -1.6             0.0        0.0     
November    -0.4       -0.6            -2.4       -2.3             0.3        0.3     
December    -0.6       -0.5            -4.4       -4.3             0.4        0.4     





Last Modified Date: February 16, 2024