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Producer prices for final demand increased 2.1 percent from March 2023 to March 2024

April 18, 2024

The Producer Price Index for final demand increased 2.1 percent for the 12 months ended in March 2024, the largest advance since rising 2.3 percent for the 12 months ended April 2023. The increase in prices for final demand is attributed to a 2.8-percent rise in prices for final demand services and a 0.8-percent rise for final demand goods.

Producer Price Indexes for final demand components, 12-month percent change, March 2024
Commodity 12-month percent change

Goods

0.8

Foods

1.0

Fresh fruits and melons

-11.7

Fresh and dry vegetables

26.4

Meats

7.6

Processed poultry

6.2

Dairy products

-0.9

Soft drinks

5.0

Energy

-1.0

Residential electric power

3.9

Residential natural gas

-4.2

Gasoline

-1.5

Jet fuel

-8.9

Home heating oil and distillates

-5.2

No. 2 diesel fuel

-6.2

Goods less foods and energy

1.4

Industrial chemicals

-9.3

Pharmaceutical preparations

1.6

Passenger cars

-2.8

Trucks, 14,000 lbs. and under

1.5

Aircraft and aircraft equipment

3.9

Cigarettes, including nontobacco

11.3

Services

2.8

Trade services

0.7

Machinery and equipment and parts and supplies wholesaling

3.5

Food and alcohol retailing

1.4

Health and beauty retailing, including optical goods

7.4

Apparel, jewelry, footwear, and accessories retailing

2.8

Automobiles and automobile parts retailing

-28.4

Fuels and lubricants retailing

8.2

Transportation and warehousing services

-0.8

Rail transportation of freight and mail

0.8

Truck transportation of freight

-3.6

Water transportation of freight

11.0

Air transportation of freight

0.4

Courier, messenger, and U.S. postal service

5.2

Airline passenger services

2.0

Less trade, transportation, and warehousing

4.2

Loan services (partial)

5.2

Securities brokerage, dealing, investment advice, and related services

10.8

Portfolio management

13.5

Outpatient care (partial)

3.2

Inpatient care

4.5

Traveler accommodation services

-4.6

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

Among final demand goods, prices for foods moved up 1.0 percent over the year, while prices for energy were down 1.0 percent. Prices for final demand goods less foods and energy increased 1.4 percent.  

Turning to final demand services, prices for trade services rose 0.7 percent over the 12 months ending March 2024, while prices for transportation and warehousing services declined 0.8 percent. Final demand services less trade, transportation, and warehousing prices increased 4.2 percent, with a 13.5-percent increase in portfolio management prices contributing to the rise.

These data are from the Producer Price Indexes program and are not seasonally adjusted. 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. To learn more, see "Producer Price Indexes — March 2024." 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 2.1 percent from March 2023 to March 2024 at https://www.bls.gov/opub/ted/2024/producer-prices-for-final-demand-increased-2-1-percent-from-march-2023-to-march-2024.htm (visited May 18, 2024).

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