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Producer prices up 6.0 percent from January 2022 to January 2023

February 22, 2023

The Producer Price Index for final demand increased 6.0 percent from January 2022 to January 2023, the smallest 12-month advance since March 2021. Producer prices for goods rose 7.5 percent for the year ended January 2023, while prices for services rose 5.0 percent. Prices for transportation and warehousing increased 11.3 percent.

12-month percent change in Producer Price Indexes for final demand, January 2013 to January 2023
Month Total Goods Services Transportation and warehousing

Jan 2013

1.6% 1.3% 1.8% 2.3%

Feb 2013

1.6 1.5 1.6 1.6

Mar 2013

1.3 0.7 1.6 1.3

Apr 2013

0.9 0.1 1.4 0.0

May 2013

0.9 1.1 0.9 -0.3

Jun 2013

1.7 1.9 1.4 0.7

Jul 2013

2.0 1.8 2.0 1.6

Aug 2013

1.7 0.7 2.2 1.4

Sep 2013

1.1 -0.2 1.8 0.8

Oct 2013

1.3 -0.2 2.0 0.6

Nov 2013

1.1 0.4 1.5 0.3

Dec 2013

1.2 0.8 1.3 2.0

Jan 2014

1.3 1.1 1.3 1.0

Feb 2014

1.2 0.6 1.6 0.7

Mar 2014

1.6 1.2 1.8 1.2

Apr 2014

1.8 2.5 1.6 2.7

May 2014

2.1 2.0 2.2 3.2

Jun 2014

1.8 2.2 1.7 2.9

Jul 2014

1.9 2.0 2.0 2.6

Aug 2014

1.9 1.7 2.0 2.7

Sep 2014

1.6 1.5 1.6 2.6

Oct 2014

1.5 1.0 1.9 1.8

Nov 2014

1.3 0.4 1.8 2.3

Dec 2014

0.9 -1.2 2.1 0.8

Jan 2015

0.0 -3.6 2.0 0.6

Feb 2015

-0.5 -4.1 1.2 0.0

Mar 2015

-0.9 -4.5 0.9 -0.9

Apr 2015

-1.1 -5.5 1.2 -1.9

May 2015

-0.8 -4.0 0.8 -2.0

Jun 2015

-0.5 -3.7 1.1 -2.1

Jul 2015

-0.7 -3.8 0.8 -2.2

Aug 2015

-1.0 -4.3 0.7 -3.4

Sep 2015

-1.1 -5.1 0.9 -3.2

Oct 2015

-1.4 -4.8 0.3 -2.9

Nov 2015

-1.3 -4.4 0.4 -2.7

Dec 2015

-1.1 -3.8 0.2 -3.5

Jan 2016

0.0 -2.4 1.2 -2.3

Feb 2016

0.1 -2.8 1.6 -2.0

Mar 2016

-0.1 -2.8 1.3 -1.9

Apr 2016

0.2 -2.0 1.2 -1.9

May 2016

0.0 -2.5 1.4 -2.5

Jun 2016

0.2 -2.2 1.5 -2.5

Jul 2016

0.0 -2.2 1.1 -1.9

Aug 2016

0.0 -1.9 1.0 -1.4

Sep 2016

0.6 -0.4 1.4 -1.8

Oct 2016

1.1 0.4 1.6 -0.9

Nov 2016

1.3 0.5 1.7 -0.4

Dec 2016

1.7 1.9 1.6 1.1

Jan 2017

1.7 3.1 1.1 1.0

Feb 2017

2.0 4.0 1.0 1.7

Mar 2017

2.2 4.1 1.3 0.6

Apr 2017

2.5 4.1 1.7 1.7

May 2017

2.3 2.9 2.0 2.0

Jun 2017

1.9 2.2 1.7 2.2

Jul 2017

2.0 2.3 1.9 1.3

Aug 2017

2.4 3.1 2.2 1.7

Sep 2017

2.6 3.4 2.1 3.5

Oct 2017

2.8 3.2 2.4 3.5

Nov 2017

3.0 4.2 2.3 3.9

Dec 2017

2.5 3.5 2.1 2.3

Jan 2018

2.6 3.2 2.2 2.3

Feb 2018

2.8 3.1 2.7 3.1

Mar 2018

2.9 3.3 2.8 4.9

Apr 2018

2.7 3.0 2.5 4.5

May 2018

3.1 4.3 2.4 5.0

Jun 2018

3.3 4.4 2.7 5.6

Jul 2018

3.4 4.4 2.7 6.2

Aug 2018

3.0 3.9 2.5 5.8

Sep 2018

2.7 3.4 2.5 6.1

Oct 2018

3.1 3.8 2.6 6.6

Nov 2018

2.6 2.6 2.6 6.4

Dec 2018

2.6 1.6 3.0 6.5

Jan 2019

1.9 0.6 2.6 6.4

Feb 2019

1.9 0.7 2.4 4.5

Mar 2019

2.0 1.2 2.3 3.6

Apr 2019

2.4 1.7 2.7 3.9

May 2019

2.1 0.8 2.7 3.9

Jun 2019

1.6 0.0 2.3 3.1

Jul 2019

1.6 0.3 2.3 2.9

Aug 2019

1.9 -0.1 2.7 2.5

Sep 2019

1.5 -0.5 2.3 1.1

Oct 2019

1.0 -0.6 1.9 0.9

Nov 2019

1.0 0.2 1.4 0.1

Dec 2019

1.4 1.0 1.4 2.2

Jan 2020

2.0 1.8 1.9 0.7

Feb 2020

1.1 0.6 1.4 1.0

Mar 2020

0.3 -1.7 1.3 -1.8

Apr 2020

-1.5 -5.2 0.3 -5.7

May 2020

-1.1 -3.6 0.2 -4.9

Jun 2020

-0.7 -2.6 0.3 -3.9

Jul 2020

-0.3 -2.2 0.7 -4.7

Aug 2020

-0.3 -1.6 0.3 -5.2

Sep 2020

0.3 -1.0 0.9 -4.2

Oct 2020

0.6 -1.0 1.3 -3.4

Nov 2020

0.8 -0.8 1.6 -3.8

Dec 2020

0.8 0.0 1.3 -5.9

Jan 2021

1.6 1.3 1.8 -4.1

Feb 2021

3.0 3.5 2.6 -2.9

Mar 2021

4.1 7.0 2.9 1.6

Apr 2021

6.5 10.9 4.5 9.0

May 2021

7.0 11.1 5.1 7.8

Jun 2021

7.6 11.9 5.5 8.0

Jul 2021

8.0 12.1 6.0 11.4

Aug 2021

8.7 12.7 6.8 13.2

Sep 2021

8.8 13.4 6.7 11.3

Oct 2021

8.9 14.3 6.2 10.9

Nov 2021

9.9 14.9 7.5 14.6

Dec 2021

10.0 13.4 8.4 17.0

Jan 2022

10.1 13.6 8.2 15.9

Feb 2022

10.4 14.4 8.4 16.8

Mar 2022

11.7 15.8 9.4 21.8

Apr 2022

11.2 16.4 8.3 20.6

May 2022

11.1 16.7 8.0 23.4

Jun 2022

11.2 17.6 7.8 22.9

Jul 2022

9.7 14.7 6.9 19.1

Aug 2022

8.7 12.3 6.5 16.8

Sep 2022

8.5 11.3 6.7 17.8

Oct 2022

8.2 10.5 6.7 16.9

Nov 2022

7.3 9.6 5.9 12.8

Dec 2022

6.5 7.9 5.4 10.8

Jan 2023

6.0 7.5 5.0 11.3

Within goods, foods prices increased 11.6 percent and energy prices increased 10.4 percent from January 2022 to January 2023. Producer prices for goods less foods and energy rose 5.6 percent, as prices decreased for industrial chemicals (−1.6 percent), and increased for pharmaceutical preparations (2.7 percent), passenger cars (2.6 percent), trucks, 14,000 lbs. and under (7.0 percent), aircraft and aircraft equipment (4.5 percent), and cigarettes, including nontobacco (11.3 percent).

Within services, producer prices for trade services rose 8.2 percent for the year ended January 2023, while producer prices for airline passenger services rose 28.3 percent.

12-month percent change in Producer Price Indexes for final demand components, January 2023
Commodity 12-month percent change

Goods

7.5%

Foods

11.6

Fresh fruits and melons

15.8

Fresh and dry vegetables

32.6

Meats

-0.7

Processed poultry

-6.0

Dairy products

6.4

Soft drinks

17.4

Energy

10.4

Residential electric power

12.1

Residential natural gas

30.2

Gasoline

-1.9

Jet fuel

34.1

Home heating oil and distillates

26.5

No. 2 diesel fuel

22.8

Goods less foods and energy

5.6

Industrial chemicals

-1.6

Pharmaceutical preparations

2.7

Passenger cars

2.6

Trucks, 14,000 lbs. and under

7.0

Aircraft and aircraft equipment

4.5

Cigarettes, including nontobacco

11.3

Services

5.0

Trade services

8.2

Machinery and equipment and parts and supplies wholesaling

7.2

Food and alcohol retailing

15.6

Health and beauty retailing, including optical goods

3.7

Apparel, jewelry, footwear, and accessories retailing

2.9

Automobiles and automobile parts retailing

-1.0

Fuels and lubricants retailing

23.5

Transportation and warehousing services

11.3

Rail transportation of freight and mail

8.0

Truck transportation of freight

4.9

Water transportation of freight

25.9

Air transportation of freight

-2.8

Courier, messenger, and U.S. postal service

9.4

Airline passenger services

28.3

Less trade, transportation, and warehousing

2.7

Loan services (partial)

41.5

Securities brokerage, dealing, investment advice, and related services

22.5

Portfolio management

-12.9

Outpatient care (partial)

1.4

Inpatient care

4.0

Traveler accommodation services

10.6

Producer prices for services less trade, transportation, and warehousing rose 2.7 percent, as prices advanced for loan services (41.5 percent), securities brokerage, dealing, investment advice, and related services (22.5 percent), outpatient care (1.4 percent), inpatient care (4.0 percent), and traveler accommodation services (10.6 percent). Producer prices for portfolio management decreased 12.9 percent from January 2022 to January 2023.

These data are from the Producer Price Indexes program and are not seasonally adjusted. To learn more, see "Producer Price Indexes — January 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 up 6.0 percent from January 2022 to January 2023 at https://www.bls.gov/opub/ted/2023/producer-prices-up-6-0-percent-from-january-2022-to-january-2023.htm (visited June 20, 2024).

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