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The Producer Price Index for final demand increased 3.3 percent from December 2023 to December 2024, following a 3.0-percent advance over the year ended in November. Producer prices for goods rose 1.8 percent for the in 2024, while prices for services rose 4.0 percent.
PPI for final demand, 12-month percent change, December 2019 to December 2024
Month
Total
Goods
Services
Dec 2019
1.4
1.0
1.4
Jan 2020
2.0
1.8
1.9
Feb 2020
1.1
0.6
1.4
Mar 2020
0.3
-1.7
1.3
Apr 2020
-1.5
-5.2
0.3
May 2020
-1.1
-3.6
0.2
Jun 2020
-0.7
-2.6
0.3
Jul 2020
-0.3
-2.2
0.7
Aug 2020
-0.3
-1.6
0.3
Sep 2020
0.3
-1.0
0.9
Oct 2020
0.6
-1.0
1.3
Nov 2020
0.8
-0.8
1.6
Dec 2020
0.8
0.0
1.3
Jan 2021
1.6
1.3
1.8
Feb 2021
3.0
3.5
2.6
Mar 2021
4.1
7.0
2.9
Apr 2021
6.5
10.9
4.5
May 2021
7.0
11.1
5.1
Jun 2021
7.6
11.9
5.5
Jul 2021
8.0
12.1
6.0
Aug 2021
8.7
12.7
6.8
Sep 2021
8.8
13.4
6.7
Oct 2021
8.9
14.3
6.2
Nov 2021
9.9
14.9
7.5
Dec 2021
10.0
13.4
8.4
Jan 2022
10.1
13.6
8.2
Feb 2022
10.4
14.4
8.4
Mar 2022
11.7
15.8
9.4
Apr 2022
11.2
16.4
8.3
May 2022
11.1
16.7
8.0
Jun 2022
11.2
17.6
7.8
Jul 2022
9.7
14.7
6.9
Aug 2022
8.7
12.3
6.5
Sep 2022
8.5
11.3
6.7
Oct 2022
8.2
10.5
6.7
Nov 2022
7.4
9.6
6.0
Dec 2022
6.4
7.9
5.3
Jan 2023
5.7
7.7
4.5
Feb 2023
4.7
5.3
4.2
Mar 2023
2.7
1.9
2.7
Apr 2023
2.3
0.7
2.8
May 2023
1.1
-2.3
2.6
Jun 2023
0.3
-4.3
2.5
Jul 2023
1.1
-2.4
3.0
Aug 2023
1.9
0.4
2.7
Sep 2023
1.8
0.8
2.4
Oct 2023
1.1
-1.1
2.2
Nov 2023
0.8
-1.6
2.0
Dec 2023
1.1
-0.5
1.8
Jan 2024
1.0
-1.5
2.3
Feb 2024
1.6
0.2
2.4
Mar 2024
2.0
0.8
2.7
Apr 2024
2.3
1.2
2.9
May 2024
2.5
1.6
3.1
Jun 2024
2.9
1.3
3.8
Jul 2024
2.4
1.7
2.8
Aug 2024
2.1
-0.1
3.1
Sep 2024
2.1
-1.2
3.6
Oct 2024
2.6
0.2
3.8
Nov 2024
3.0
1.1
3.9
Dec 2024
3.3
1.8
4.0
Note: Data are not seasonally adjusted and are subject to revision for 4 months after originally published.
Within goods, foods prices increased 4.7 percent and energy prices decreased 2.0 percent in 2024. Producer prices for goods less foods and energy rose 2.1 percent, as prices decreased for industrial chemicals (−1.3 percent), and increased for pharmaceutical preparations (1.7 percent), passenger cars (1.7 percent), trucks, 14,000 lbs. and under (2.2 percent), and aircraft and aircraft equipment (2.5 percent). Cigarettes, including nontobacco increased 12.5 percent over the year.
Within services, producer prices for trade services—which includes retail and wholesale trade—rose 4.4 percent in 2024, while producer prices for transportation and warehousing services rose 2.1 percent.
PPI for final demand components, 12-month percent change, December 2024
Commodity
12-month percent change
Goods
1.8
Foods
4.7
Fresh fruits and melons
17.3
Fresh and dry vegetables
21.3
Meats
4.6
Processed poultry
4.4
Dairy products
4.8
Soft drinks
5.5
Energy
-2.0
Residential electric power
1.8
Residential natural gas
2.2
Gasoline
-2.5
Jet fuel
-15.6
Home heating oil and distillates
-12.6
No. 2 diesel fuel
-13.9
Goods less foods and energy
2.1
Industrial chemicals
-1.3
Pharmaceutical preparations
1.7
Passenger cars
1.7
Trucks, 14,000 lbs. and under
2.2
Aircraft and aircraft equipment
2.5
Cigarettes, including nontobacco
12.5
Services
4.0
Trade services
4.4
Machinery and equipment and parts and supplies wholesaling
12.7
Food and alcohol retailing
3.6
Health and beauty retailing, including optical goods
1.1
Apparel, jewelry, footwear, and accessories retailing
-3.5
Automobiles and automobile parts retailing
-17.1
Fuels and lubricants retailing
12.9
Transportation and warehousing services
2.1
Rail transportation of freight and mail
1.1
Truck transportation of freight
-0.3
Water transportation of freight
8.1
Air transportation of freight
-0.1
Courier, messenger, and U.S. postal service
7.9
Airline passenger services
5.0
Less trade, transportation, and warehousing
4.1
Loan services (partial)
-8.0
Securities brokerage, dealing, investment advice, and related services
4.0
Portfolio management
18.6
Outpatient care (partial)
2.9
Inpatient care
3.0
Traveler accommodation services
0.3
Note: Data are not seasonally adjusted and are subject to revision 4 months after originally published.
Producer prices for services less trade, transportation, and warehousing rose 4.1 percent, as prices advanced for portfolio management (18.6 percent), securities brokerage, dealing, investment advice, and related services (4.0 percent), inpatient care (3.0 percent), outpatient care (2.9 percent), and traveler accommodation services (0.3 percent). Producer prices for loan services decreased 8.0 percent over the year.
These data are from the Producer Price Indexes program and are not seasonally adjusted. To learn more, see "Producer Price Indexes — December 2024." 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.
United States Department of Labor
