EconomyProducer Price Index

Producer Price Index News Release summary – 2022 M10 Results – TheFinanceHeadline

Producer Price Index News Release summary

Transmission of material in this release is embargoed until                          USDL 22-2176
8:30 a.m. (ET) Tuesday, November 15, 2022
Technical information:      (202) 691-7705  *  ppi-info@bls.gov  *  www.bls.gov/ppi
Media contact:              (202) 691-5902  *  PressOffice@bls.gov   

                             PRODUCER PRICE INDEXES - OCTOBER 2022

The Producer Price Index for final demand increased 0.2 percent in October, seasonally adjusted, 
the U.S. Bureau of Labor Statistics reported today. Final demand prices rose 0.2 percent in 
September and were unchanged in August. (See table A.) On an unadjusted basis, the index for 
final demand advanced 8.0 percent for the 12 months ended in October. 
In October, the rise in the index for final demand can be attributed to a 0.6-percent advance in 
prices for final demand goods. In contrast, the index for final demand services decreased 0.1 
percent.
Prices for final demand less foods, energy, and trade services advanced 0.2 percent in October 
following a 0.3-percent rise in September. For the 12 months ended in October, the index for 
final demand less foods, energy, and trade services increased 5.4 percent. 
Final Demand
Final demand goods: The index for final demand goods moved up 0.6 percent in October, the 
largest advance since a 2.2-percent rise in June. Most of the October increase can be traced to a 2.7-
percent jump in prices for final demand energy. The index for final demand foods advanced 0.5 
percent. Conversely, prices for final demand goods less foods and energy decreased 0.1 percent.
Product detail: In October, 60 percent of the increase in prices for final demand goods is attributable 
to the index for gasoline, which rose 5.7 percent. Prices for diesel fuel, fresh and dry vegetables, 
residential electric power, chicken eggs, and oil field and gas field machinery also advanced. In 
contrast, the index for passenger cars declined 1.5 percent. (In accordance with usual practice, most 
new-model-year passenger cars and light motor trucks were introduced into the PPI in October. See 
Report on Quality Changes for 2023 Model Vehicles at www.bls.gov/web/ppi/ppimotveh.htm.) 
Prices for gas fuels and for processed young chickens also fell. (See table 2.) 
Final demand services: The index for final demand services fell 0.1 percent in October, the first 
decline since moving down 0.2 percent in November 2020. Leading the October decrease, margins 
for final demand trade services fell 0.5 percent. (Trade indexes measure changes in margins received 
by wholesalers and retailers.) Prices for final demand transportation and warehousing services moved 
down 0.2 percent. Conversely, the index for final demand services less trade, transportation, and 
warehousing increased 0.2 percent.
Product detail: A major factor in the October decrease in prices for final demand services was the 
index for fuels and lubricants retailing, which fell 7.7 percent. The indexes for portfolio management, 
long-distance motor carrying, automobile retailing (partial), and professional and commercial 
equipment wholesaling also moved lower. In contrast, prices for hospital inpatient care increased 0.8 
percent. The indexes for services related to securities brokerage and dealing (partial), apparel 
wholesaling, and airline passenger services also rose. 

Table A. Monthly and 12-month percent changes in selected final demand price indexes, seasonally adjusted
MonthTotal
final
demand
Final
demand
less
foods,
energy,
and
trade
Final demand goodsFinal demand servicesChange
in final
demand
from 12
months
ago
(unadj.)
Change
in final
demand
less
foods,
energy,
and
trade
from 12
mo. ago
(unadj.)
TotalFoodsEnergyLess
foods
and
energy
TotalTradeTransportation
and
warehousing
Other

2021

Oct.

0.70.41.3-0.15.00.70.20.51.1-0.18.96.2

Nov.

1.00.80.91.30.90.81.01.32.80.69.97.0

Dec.

0.60.4-0.1-0.2-1.40.40.91.91.60.310.07.0

2022

Jan.

1.20.81.61.84.10.80.91.30.00.810.16.9

Feb.

1.10.22.21.97.20.80.51.72.0-0.310.46.7

Mar.

1.71.02.42.46.61.11.32.35.60.411.77.1

Apr.

0.50.41.31.51.51.10.00.12.1-0.211.26.8

May

0.80.51.50.44.80.70.40.62.50.111.16.8

June(1)

0.90.32.2-0.18.90.50.30.30.80.211.26.4

July(1)

-0.40.2-1.81.3-9.10.10.20.7-0.50.09.75.8

Aug.(1)

0.00.2-1.1-0.1-5.40.20.51.1-1.10.38.75.6

Sept.(1)

0.20.30.31.30.60.00.2-0.3-0.40.58.45.6

Oct.

0.20.20.60.52.7-0.1-0.1-0.5-0.20.28.05.4

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for June 2022 through September 2022 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type
Within intermediate demand in October, prices for processed goods fell 0.2 percent, the index for 
unprocessed goods declined 11.7 percent, and prices for services rose 0.3 percent. (See tables B and 
C.)
Processed goods for intermediate demand: Prices for processed goods for intermediate demand 
moved down 0.2 percent in October after no change in September. Leading the decrease, the index 
for processed materials less foods and energy fell 0.8 percent. Prices for processed foods and feeds 
declined 0.5 percent. Conversely, the index for processed energy goods advanced 1.7 percent. For the 
12 months ended in October, prices for processed goods for intermediate demand rose 10.1 percent.
Product detail: A major factor in the October decrease in prices for processed goods for intermediate 
demand was the index for cold rolled steel sheet and strip, which dropped 16.5 percent. Prices for 
utility natural gas, primary basic organic chemicals, plastic resins and materials, liquefied petroleum 
gas, and processed young chickens also fell. In contrast, the index for diesel fuel advanced 9.5 
percent. Prices for agricultural chemicals and chemical products and for flour and flour-base mixes 
and doughs also moved higher.
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate 
demand fell 11.7 percent in October, the largest decrease since moving down 14.4 percent in April 
2020. The broad-based October decline was led by prices for unprocessed energy materials, which 
dropped 19.8 percent. The indexes for unprocessed nonfood materials less energy and for 
unprocessed foodstuffs and feedstuffs also moved lower, 5.3 percent and 3.1 percent, respectively. 
For the 12 months ended in October, prices for unprocessed goods for intermediate demand rose 9.7 
percent.
Product detail: A major factor in the October decrease in prices for unprocessed goods for 
intermediate demand was the index for natural gas, which dropped 37.8 percent. Prices for corn, raw 
milk, slaughter barrows and gilts, oilseeds, and recyclable paper also moved lower. Conversely, the 
index for crude petroleum increased 2.0 percent. Prices for ungraded chicken eggs and for coal also 
rose.

Table B. Monthly and 12-month percent changes in selected intermediate demand price indexes for goods by commodity type, seasonally adjusted
MonthProcessed goods for intermediate demandUnprocessed goods for intermediate demand
TotalFoods
and
feeds
Energy
goods
Less
foods
and
energy
Total,
change
from 12
months
ago
(unadj.)
TotalFoodstuffs
and
feedstuffs
Energy
materials
Nonfood
materials
less
energy
Total,
change
from 12
months
ago
(unadj.)

2021

Oct.

2.4-0.46.71.625.76.0-2.217.7-1.555.5

Nov.

1.50.12.51.426.62.31.32.33.449.6

Dec.

-0.10.1-2.70.624.4-4.83.8-12.1-1.840.0

2022

Jan.

2.22.64.71.524.83.12.94.21.136.4

Feb.

1.52.15.80.423.39.85.418.21.533.5

Mar.

2.32.17.30.922.12.97.7-4.39.743.3

Apr.

2.03.24.41.222.05.54.29.31.350.1

May

2.31.14.51.821.65.40.214.6-4.246.4

June(1)

2.00.08.80.121.94.8-0.411.1-2.050.3

July(1)

-2.30.2-8.8-0.417.2-9.2-1.7-14.3-7.232.5

Aug.(1)

-1.5-0.1-4.5-0.714.34.5-1.710.90.436.9

Sept.(1)

0.0-0.42.2-0.713.0-0.91.1-2.3-0.232.1

Oct.

-0.2-0.51.7-0.810.1-11.7-3.1-19.8-5.39.7

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for June 2022 through September 2022 have been revised to reflect the availability of late reports and corrections by respondents.

Services for intermediate demand: The index for services for intermediate demand increased 0.3 
percent in October, the fourth consecutive rise. Leading the October advance, prices for services less 
trade, transportation, and warehousing for intermediate demand climbed 0.5 percent. The index for 
transportation and warehousing services for intermediate demand moved up 0.6 percent. In contrast, 
margins for trade services for intermediate demand fell 0.3 percent. For the 12 months ended in 
October, the index for services for intermediate demand increased 6.5 percent, the largest advance 
since rising 7.9 percent in May.
Product detail: Over half of the October rise in the index for services for intermediate demand can be 
attributed to a 6.0-percent increase in prices for business loans (partial). The indexes for services 
related to securities brokerage and dealing (partial); arrangement of freight and cargo transportation; 
television advertising time sales; building materials, paint, and hardware wholesaling; and metals, 
minerals, and ores wholesaling also advanced. Conversely, margins for machinery and equipment 
parts and supplies wholesaling fell 0.9 percent. Prices for gross rents for retail properties and for 
long-distance motor carrying also decreased.

Table C. Monthly and 12-month percent changes in selected intermediate demand price indexes for services by commodity type, seasonally adjusted
MonthServices for intermediate demand
TotalTradeTransportation
and
warehousing
OtherTotal, change
from 12 months
ago (unadj.)

2021

Oct.

0.00.60.5-0.37.4

Nov.

0.6-0.61.00.98.1

Dec.

0.81.51.60.58.3

2022

Jan.

0.81.40.60.67.9

Feb.

0.21.40.4-0.27.8

Mar.

1.34.42.10.08.4

Apr.

0.91.01.70.68.0

May

0.50.60.60.47.9

June(1)

-0.3-0.70.1-0.36.3

July(1)

0.30.01.00.25.9

Aug.(1)

0.6-0.8-0.31.46.1

Sept.(1)

0.4-0.2-0.90.96.2

Oct.

0.3-0.30.60.56.5

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for June 2022 through September 2022 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Production Flow
Stage 4 intermediate demand: The index for stage 4 intermediate demand was unchanged in 
October following a 0.3-percent increase in September. In October, prices for total services inputs to 
stage 4 intermediate demand rose 0.1 percent. In contrast, prices for total goods inputs moved down 
0.2 percent. (See table D.) Increases in the indexes for services related to securities brokerage and 
dealing (partial); diesel fuel; business loans (partial); gasoline; and building materials, paint, and 
hardware wholesaling offset declines in the indexes for corn, machinery and equipment parts and 
supplies wholesaling, portfolio management, gross rents for retail properties, and cold rolled steel 
sheet and strip. For the 12 months ended in October, prices for stage 4 intermediate demand 
advanced 7.7 percent.
Stage 3 intermediate demand: The index for stage 3 intermediate demand declined 0.5 percent in 
October following no change in the previous month. In October, prices for total goods inputs to stage 
3 intermediate demand moved down 1.5 percent. Conversely, the index for total services inputs 
increased 0.5 percent. Decreases in prices for raw milk, corn, slaughter barrows and gilts, cold rolled 
steel sheet and strip, primary basic organic chemicals, and slaughter chickens outweighed advances 
in the indexes for arrangement of freight and cargo transportation, diesel fuel, and ungraded chicken 
eggs. For the 12 months ended in October, prices for stage 3 intermediate demand rose 9.1 percent.
Stage 2 intermediate demand: The index for stage 2 intermediate demand declined 5.3 percent in 
October after falling 0.6 percent in September. In October, prices for total goods inputs to stage 2 
intermediate demand dropped 10.9 percent. In contrast, the index for total services inputs advanced 
0.8 percent. Decreases in the indexes for gas fuels, oilseeds, primary basic organic chemicals, fuels 
and lubricants retailing, recyclable paper, and prepared animal feeds outweighed increases in prices 
for business loans (partial), crude petroleum, and coal. For the 12 months ended in October, prices 
for stage 2 intermediate demand rose 7.3 percent.
Stage 1 intermediate demand: The index for stage 1 intermediate demand was unchanged in 
October following a 0.3-percent increase in September. In October, prices for total services inputs to 
stage 1 intermediate demand advanced 0.3 percent. Conversely, the index for total goods inputs 
declined 0.3 percent. Increases in the indexes for services related to securities brokerage and dealing 
(partial); diesel fuel; gasoline; building materials, paint, and hardware wholesaling; and traveler 
accommodation services offset decreases in prices for corn, primary basic organic chemicals, cold 
rolled steel sheet and strip, utility natural gas, and gross rents for retail properties. For the 12 months 
ended in October, the index for stage 1 intermediate demand rose 9.2 percent.

Table D. Monthly percent changes in selected intermediate demand price indexes by production flow, seasonally adjusted
MonthStage 4 intermediate
demand
Stage 3 intermediate
demand
Stage 2 intermediate
demand
Stage 1 intermediate
demand
TotalGoods
inputs
Services
inputs
TotalGoods
inputs
Services
inputs
TotalGoods
inputs
Services
inputs
TotalGoods
inputs
Services
inputs

2021

Oct.

0.61.30.01.01.90.23.77.9-0.11.12.5-0.3

Nov.

1.11.50.70.81.20.41.21.70.71.32.00.5

Dec.

0.70.50.80.80.70.9-2.2-5.61.20.40.00.8

2022

Jan.

1.52.11.01.62.60.71.42.70.11.41.81.0

Feb.

0.61.20.01.42.60.14.38.40.31.01.60.2

Mar.

1.21.60.83.14.51.60.80.31.32.83.32.2

Apr.

1.01.20.72.53.71.32.84.70.71.72.40.9

May

0.91.40.41.72.60.63.66.80.31.52.30.7

June(1)

0.41.1-0.30.51.4-0.52.95.40.01.02.4-0.6

July(1)

-0.4-0.90.0-1.4-3.00.5-4.1-8.41.0-1.9-3.2-0.5

Aug.(1)

0.3-0.10.7-1.6-3.20.13.14.71.4-0.6-1.50.5

Sept.(1)

0.30.00.60.00.00.0-0.6-1.60.40.30.40.1

Oct.

0.0-0.20.1-0.5-1.50.5-5.3-10.90.80.0-0.30.3

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for June 2022 through September 2022 have been revised to reflect the availability of late reports and corrections by respondents.

________________
The Producer Price Index for November 2022 is scheduled to be released on Friday,December 9, 2022, 
at 8:30 a.m. (ET).
                                          *****
         Recalculated Seasonal Adjustment Factors and Relative Importance Figures to be 
                              Available on February 14, 2023
Each year with the release of PPI data for January, seasonal adjustment factors and relative 
importance figures are recalculated to reflect price movements from the just-completed calendar 
year. The following information relating to the seasonal-factor update will be available on 
February 14, 2023 (2 workdays prior to the release of PPI data for January 2023 on February 16, 
2023):
*  Direct seasonal factors for PPI commodity indexes for the year 2023,
*  Recalculated seasonal factors for the last 5 years (2018-2022) for PPI commodity indexes, 
*  Recalculated seasonal factors for the last 5 years (2018-2022) for PPI Final Demand-
   Intermediate Demand indexes, 
*  Recalculated seasonal index data for the last 5 years (2018-2022) for Final Demand-
   Intermediate Demand and commodity indexes. This revision to seasonally adjusted indexes 
   for the previous 5 years will be posted to the PPI database on the BLS website. 
In addition, the following relative importance tables, which include values for December 2022, 
will be available on February 14, 2023:  
*  Final demand by individual commodities
*  Final demand by component series
*  Individual commodities of intermediate demand by commodity type
*  Component series of intermediate demand by commodity type
*  Individual commodities of intermediate demand by production flow
*  Component series of intermediate demand by production flow
*  Commodities, all levels
*  Wherever-provided services and construction
This information will be available on the PPI website at www.bls.gov/ppi or by contacting the 
PPI Section of Index Analysis and Public Information at ppi-info@bls.gov or (202) 691-7705.

                                          *****

             PPI Weights to be Updated to Reflect 2017 Census Shipment Values
With the release of January 2023 Producer Price Index (PPI) data on February 16, 2023, the 
Bureau of Labor Statistics will update PPI value weights to more accurately reflect recent 
production and marketing patterns. The updated weights will be constructed using 2017 value of 
shipments data from the Census of Manufactures, the Census of Mining, the Census of Services, 
and the Census of Agriculture. These data were collected in accordance with the North American 
Product Classification System (NAPCS). From January 2018 through December 2022, PPI 
weights have been based on 2012 North American Industry Classification System (NAICS) 
shipment values.
All PPIs will be affected by this weight update, including all industry net output indexes, as well 
as indexes for traditional commodity groupings. In addition, weights will be updated from the 
2012 to the 2017 Economic Census for all Final Demand-Intermediate Demand (FD-ID) indexes, 
special commodity-grouping indexes, and inputs to industry indexes. This weight revision will 
not result in changes to the reference base for indexes, the dates when PPIs are set to 100.
It is important to note that the basic structures of the PPI commodity and FD-ID classification 
systems will not change as a result of the weight revision. However, PPIs classified according to 
the NAICS will be updated to reflect 2022 NAICS definitions established by the U.S. Census 
Bureau. The weight update also will result in shifting relative importance values. These shifts 
will impact aggregate indexes in a manner commensurate with the relative gains and losses in 
value weights from 2012 to 2017.
In addition, PPI sample updates normally occurring with the release of October 2022 and 
February 2023 data will be combined and released in conjunction with the release of January 
2023 PPI data in February 2023. 
Commodity and FD-ID relative importance figures for December 2022 will be released on 
February 14, 2023, two business days prior to the release of January 2023 PPI data. This 
information will be available on the PPI website at www.bls.gov/ppi/tables/. Following the 
January 2023 PPI data release, a concordance between Census product codes and PPI commodity 
codes will be available upon request by contacting the PPI Section of Index Analysis and Public 
Information at ppi-info@bls.gov or (202) 691-7705.

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