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Producer prices for final demand increased 0.9 percent over the year ended November 2023

December 22, 2023

The Producer Price Index for final demand increased 0.9 percent from November 2022 to November 2023. Prices for final demand goods declined 1.5 percent over the year, while final demand prices for services rose 2.1 percent.

Producer Price Index for selected final demand components, 12-month percent change, November 2023
Grouping 12-month percent change

Goods

-1.5

Foods

-4.9

Fresh fruits and melons

-6.1

Fresh and dry vegetables

-53.2

Meats

9.1

Processed poultry

-19.6

Dairy products

-6.2

Soft drinks

4.5

Energy

-8.4

Residential electric power

4.9

Residential natural gas

-8.2

Gasoline

-12.8

Jet fuel

-13.0

Home heating oil and distillates

-22.4

No. 2 diesel fuel

-29.7

Goods less foods and energy

1.8

Industrial chemicals

-9.2

Pharmaceutical preparations

2.5

Passenger cars

0.0

Trucks, 14,000 lbs. and under

2.0

Aircraft and aircraft equipment

3.6

Cigarettes, including nontobacco

11.8

Services

2.1

Trade services

0.3

Machinery and equipment and parts and supplies wholesaling

3.3

Food and alcohol retailing

1.9

Health and beauty retailing, including optical goods

9.3

Apparel, jewelry, footwear, and accessories retailing

3.6

Automobiles and automobile parts retailing

-23.6

Fuels and lubricants retailing

-4.0

Transportation and warehousing services

-4.0

Rail transportation of freight and mail

1.1

Truck transportation of freight

-8.7

Water transportation of freight

-0.4

Air transportation of freight

-0.9

Courier, messenger, and U.S. postal service

5.1

Airline passenger services

1.9

Less trade, transportation, and warehousing

3.7

Loan services (partial)

7.0

Securities brokerage, dealing, investment advice, and related services

8.7

Portfolio management

3.1

Outpatient care (partial)

2.4

Inpatient care

4.7

Traveler accommodation services

2.4

Note: All data are subject to revision 4 months after originally published and are not seasonally adjusted.

The over-the-year decrease in prices for final demand goods is partially attributable to a 53.2-percent decline in fresh and dry vegetable prices and a 19.6-percent decline in processed poultry. Additional declines include prices for no. 2 diesel fuel (–29.7 percent), home heating oil and distillates (–22.4 percent), jet fuel (–13.0 percent), and gasoline (–12.8) percent. Prices for goods less foods and energy increased 1.8 percent over the 12 months ending November 2023. Within this category, cigarettes, including nontobacco increased 11.8 percent while industrial chemicals declined 9.2 percent.

Turning to producer prices for final demand services, health and beauty retailing, including optical goods, increased 9.3 percent. Prices for services less trade, transportation, and warehousing increased 3.7 percent from November 2022 to November 2023. Within this category, securities brokerage, dealing, investment advice, and related services prices increased 8.7 percent and loan services (partial) prices were up 7.0 percent. Offsetting movements in final demand services categories include a 23.6-percent decline in prices for automobiles and automobile parts retailing and an 8.7-percent decline in costs for truck transportation of freight.

These data are from the Producer Price Indexes program and are not seasonally adjusted. To learn more, see "Producer Price Indexes — November 2023." Producer price indexes measure prices that U.S. producers receive for goods, services, and construction. All producer price data are subject to revision in each month after initial publication before becoming final 4 months after initial publication. We also have more charts related to the latest "U.S. Producer Price Indexes" news release.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Producer prices for final demand increased 0.9 percent over the year ended November 2023 at https://www.bls.gov/opub/ted/2023/producer-prices-for-final-demand-increased-0-9-percent-over-the-year-ended-november-2023.htm (visited April 13, 2024).

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