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Producer prices up 1.1 percent from May 2022 to May 2023

June 22, 2023

The Producer Price Index for final demand rose 1.1 percent from May 2022 to May 2023. This is down from the increase of 11.1 percent for the 12 months ended in May 2022 and 7.0 percent for the 12 months ended in May 2021.

12-month percent change in Producer Price Indexes for final demand, selected categories
Category May 2019 to May 2020 May 2020 to May 2021 May 2021 to May 2022 May 2022 to May 2023

Total

-1.1 7.0 11.1 1.1

Goods

-3.6 11.1 16.7 -2.4

Foods

6.5 4.3 13.6 0.3

Energy

-27.5 46.4 44.9 -18.1

Goods less foods and energy

0.2 6.1 9.8 2.6

Services

0.2 5.1 8.0 2.7

Trade

1.5 5.8 15.3 2.9

Transportation and warehousing

-4.9 7.8 23.4 -6.8

Services less trade, transportation, and warehousing

0.1 4.6 3.0 3.7

Construction

2.4 2.8 18.9 10.9

Producer prices for goods fell 2.4 percent for the 12 months ended in May 2023, compared with an increase of 16.7 percent from May 2021 to May 2022. Within goods, producer prices for energy declined 18.1 percent from May 2022 to May 2023.

Producer prices for services increased 2.7 percent over this period, below the 8.0-percent advance for the 12 months ended in May 2022. Within services, prices for trade increased 2.9 percent, while prices for transportation and warehousing fell 6.8 percent for the 12 months ended in May 2023.

Producer prices for construction rose 10.9 percent from May 2022 to May 2023, compared with an 18.9-percent increase from May 2021 to May 2022.

These data are from the Producer Price Indexes program and are not seasonally adjusted. To learn more, see "Producer Price Indexes — May 2023." Producer price indexes measure prices 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 charts related to the latest Producer Price Indexes news release.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Producer prices up 1.1 percent from May 2022 to May 2023 at https://www.bls.gov/opub/ted/2023/producer-prices-up-1-1-percent-from-may-2022-to-may-2023.htm (visited April 13, 2024).

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