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Producer prices for final demand up 1.0 percent in 2023

January 18, 2024

In 2023, producer prices for final demand increased 1.0 percent. Over the year, prices for final demand services rose 1.8 percent, while prices for final demand goods fell 0.8 percent.

12-month percent change in Producer Price Indexes for final demand, December 2022–December 2023, not seasonally adjusted
Category Percent change

Final demand, total

1.0

Final demand services

1.8

Final demand trade services

-0.8

Automobiles and parts retailing

-23.0

Machinery and vehicle wholesaling

-5.5

Automotive fuels and lubricants retailing

-15.5

Health, beauty, and optical goods retailing

4.8

Final demand transportation and warehousing

-4.5

Truck transportation of freight

-8.9

Deep sea water transportation of freight

-9.6

Airline passenger services

-0.1

Courier, messenger, and U.S. postal services

5.7

Final demand services less trade, transportation and warehousing

3.8

Outpatient care (partial)

2.6

Inpatient care

4.4

Securities brokerage, dealing, investment advice, and related services

10.5

Guestroom rental

-7.3

Final demand goods

-0.8

Final demand foods

-5.0

Fresh and dry vegetables

-51.2

Chicken eggs

-64.8

Dairy products

-7.0

Beef and veal

20.4

Final demand energy

-4.8

Diesel fuel

-18.7

Gasoline

-5.3

Utility natural gas

-12.4

Electric power

5.5

Final demand goods less foods and energy

1.8

Tobacco products

10.6

Aircraft and aircraft equipment

3.6

Pharmaceutical preparations

2.8

Industrial chemicals

-9.0

Note: For more information about "partial" coverage of an industry category, see https://www.bls.gov/ppi/additional-resources/explanation-of-partial-coverage-for-ppi-wherever-provided-indexes-based-on-corresponding-census-bureau-product-codes.htm.

For the year ended December 2023, within final demand services, prices for outpatient care advanced 2.6 percent and prices for inpatient care were up 4.4 percent. The index for health, beauty, and optical goods retailing increased 4.8 percent and prices for courier, messenger, and U.S. postal services rose 5.7 percent. In contrast, the index for automobiles and parts retailing dropped 23.0 percent, prices for truck transportation of freight decreased 8.9 percent, and prices for guestroom rental declined 7.3 percent.

Within the goods sector of final demand, prices for diesel fuel fell 18.7 percent and prices for gasoline were down 5.3 percent. In addition, prices for fresh and dry vegetables dropped 51.2 percent, while prices for industrial chemicals were 9.0 percent lower.  Conversely, prices for tobacco products jumped 10.6 percent, prices for electric power increased 5.5 percent, and prices for beef and veal increased 20.4 percent in 2023.

These data are from the Producer Price Indexes program and are not seasonally adjusted. To learn more, see "Producer Price Indexes — December 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. Also see charts of the latest Producer Price Indexes data.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Producer prices for final demand up 1.0 percent in 2023 at https://www.bls.gov/opub/ted/2024/producer-prices-for-final-demand-up-1-0-percent-in-2023.htm (visited April 13, 2024).

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