EconomyProducer Price Index

Producer Price Index News Release summary – 2023 M09 Results – TheFinanceHeadline

Producer Price Index News Release summary

Transmission of material in this release is embargoed until                          USDL 23-2184
8:30 a.m. (ET) Wednesday, October 11, 2023
Technical information:      (202) 691-7705  *  ppi-info@bls.gov  *  www.bls.gov/ppi
Media contact:              (202) 691-5902  *  PressOffice@bls.gov   

                              PRODUCER PRICE INDEXES - SEPTEMBER 2023

The Producer Price Index for final demand increased 0.5 percent in September, seasonally 
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices rose 0.7 
percent in August and 0.6 percent in July. (See table A.) On an unadjusted basis, the index for 
final demand advanced 2.2 percent for the 12 months ended in September, the largest increase 
since moving up 2.3 percent for the 12 months ended in April. 
Leading the increase in the final demand index in September, prices for final demand goods rose 
0.9 percent. The index for final demand services advanced 0.3 percent.
Prices for final demand less foods, energy, and trade services increased 0.2 percent in September, 
the fourth consecutive advance. For the 12 months ended in September, the index for final 
demand less foods, energy, and trade services moved up 2.8 percent.
Final Demand
Final demand goods: The index for final demand goods moved up 0.9 percent in September, the 
third consecutive increase. Nearly three-quarters of the broad-based September advance is 
attributable to a 3.3-percent rise in prices for final demand energy. The indexes for final demand 
foods and for final demand goods less foods and energy moved up 0.9 percent and 0.1 percent, 
respectively. 
Product detail: Over 40 percent of the September increase in prices for final demand goods can be 
traced to a 5.4-percent rise in the index for gasoline. Prices for jet fuel, processed young chickens, 
meats, electric power, and diesel fuel also advanced. In contrast, the index for fresh and dry 
vegetables declined 13.9 percent. Prices for wood pulp and for utility natural gas also fell. (See table 
2.)
Final demand services: The index for final demand services advanced 0.3 percent in September 
following a 0.2-percent rise in August. Over 60 percent of the September increase is attributable to 
prices for final demand services less trade, transportation, and warehousing, which climbed 0.3 
percent. The index for final demand trade services moved up 0.5 percent. (Trade indexes measure 
changes in margins received by wholesalers and retailers.) Conversely, prices for final demand 
transportation and warehousing services declined 0.4 percent. 
Product detail: A 13.9-percent jump in the index for deposit services (partial) was a major factor in 
the September rise in prices for final demand services. The indexes for machinery, equipment, parts, 
and supplies wholesaling; health, beauty, and optical goods retailing; traveler accommodation 
services; outpatient care (partial); and application software publishing also moved higher. In contrast, 
prices for airline passenger services fell 2.1 percent. The indexes for automobile retailing (partial) 
and for bundled wired telecommunications access services also decreased. 

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

2022

Sept.

0.30.30.51.51.00.00.2-0.3-0.20.58.55.6

Oct.

0.30.20.40.71.50.00.20.20.00.28.25.5

Nov.

0.40.40.33.3-2.30.30.40.5-0.40.57.44.9

Dec.

-0.30.2-1.4-0.9-6.30.10.20.30.00.26.44.7

2023

Jan.

0.40.51.3-1.35.40.60.0-0.8-0.50.55.74.4

Feb.

0.00.3-0.4-2.3-0.80.30.2-0.2-0.80.44.74.5

Mar.

-0.40.1-1.10.2-6.10.2-0.1-0.6-0.70.22.73.7

Apr.

0.20.20.1-0.40.70.10.20.4-2.50.52.33.4

May(1)

-0.30.0-1.5-1.0-6.90.10.20.8-0.50.01.12.9

June(1)

0.00.20.0-0.20.8-0.20.0-0.70.00.30.22.8

July(1)

0.60.30.30.40.80.00.81.60.30.61.12.9

Aug.(1)

0.70.22.0-0.510.30.10.20.2-0.30.32.02.9

Sept.

0.50.20.90.93.30.10.30.5-0.40.32.22.8

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2023 through August 2023 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type
Within intermediate demand in September, prices for processed goods advanced 0.5 percent, the 
index for unprocessed goods rose 4.0 percent, and prices for services moved up 0.3 percent. (See 
tables B and C.)
Processed goods for intermediate demand: The index for processed goods for intermediate 
demand increased 0.5 percent in September after rising 2.2 percent in August. Most of the September 
advance is attributable to prices for processed energy goods, which jumped 2.4 percent. The index 
for processed foods and feeds moved up 1.1 percent, while prices for processed materials less foods 
and energy were unchanged. For the 12 months ended in September, the index for processed goods 
for intermediate demand fell 3.7 percent.
Product detail: A major factor in the September increase in prices for processed goods for 
intermediate demand was the index for diesel fuel, which advanced 2.5 percent. Prices for gasoline, 
jet fuel, liquefied petroleum gas, processed young chickens, and fatty acids also moved higher. 
Conversely, the index for steel mill products decreased 3.7 percent. Prices for natural gas to electric 
utilities and for soybean cake and meal also declined. 
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate 
demand rose 4.0 percent in September, the third consecutive increase. Over 70 percent of the 
September advance can be traced to a 7.5-percent jump in prices for unprocessed energy materials. 
The index for unprocessed foodstuffs and feedstuffs moved up 3.5 percent. In contrast, prices for 
unprocessed nonfood materials less energy fell 0.8 percent. For the 12 months ended in September, 
the index for unprocessed goods for intermediate demand decreased 21.0 percent.
Product detail: Seventy percent of the September rise in prices for unprocessed goods for 
intermediate demand can be attributed to the index for crude petroleum, which increased 10.1 
percent. Prices for raw milk; slaughter chickens; hay, hayseeds, and oilseeds; slaughter cattle; and 
recyclable paper also advanced. Conversely, the index for nonferrous scrap fell 0.8 percent. Prices 
for corn and for wheat also declined.

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.)

2022

Sept.

-0.1-0.12.0-0.812.9-3.11.3-6.6-0.629.2

Oct.

-0.2-0.21.5-0.810.1-9.7-0.7-18.1-4.19.3

Nov.

-0.50.8-1.9-0.27.6-3.10.0-6.7-0.73.5

Dec.

-2.5-0.6-9.8-0.44.81.5-0.25.2-1.710.7

2023

Jan.

1.10.24.90.13.9-4.7-5.8-7.02.12.8

Feb.

-0.4-2.1-1.60.22.1-4.9-1.0-10.90.3-10.4

Mar.

-1.0-0.2-3.9-0.2-1.0-4.7-0.7-11.1-0.9-16.8

Apr.

-0.5-1.1-2.90.2-3.41.1-1.53.71.8-20.3

May(1)

-1.6-1.8-7.0-0.1-7.2-5.2-4.6-8.0-2.1-28.2

June(1)

-0.5-1.1-0.5-0.4-9.4-0.91.0-2.7-1.6-32.1

July(1)

-0.31.3-0.1-0.5-7.62.4-0.810.1-3.1-24.0

Aug.(1)

2.20.811.9-0.1-4.32.10.15.60.0-26.3

Sept.

0.51.12.40.0-3.74.03.57.5-0.8-21.0

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2023 through August 2023 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 September after no change in August. Nearly 60 percent of the broad-based September 
advance is attributable to prices for services less trade, transportation, and warehousing for 
intermediate demand, which rose 0.3 percent. The indexes for transportation and warehousing 
services for intermediate demand and for trade services for intermediate demand moved up 0.7 
percent and 0.2 percent, respectively. For the 12 months ended in September, prices for services for 
intermediate demand increased 4.1 percent.
Product detail: A 4.0-percent rise in the index for gross rents of retail properties was a major factor 
in the September advance in prices for services for intermediate demand. The indexes for deposit 
services (partial); machinery and equipment parts and supplies wholesaling; arrangement of freight 
and cargo transportation; investment banking; and hardware, building materials, and supplies 
retailing also rose. In contrast, prices for loan services (partial) decreased 2.0 percent. The indexes 
for metals, minerals, and ores wholesaling and for airline passenger services also fell. 

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.)

2022

Sept.

0.50.1-0.40.86.2

Oct.

0.40.00.60.56.7

Nov.

0.80.9-1.31.26.9

Dec.

0.0-1.30.00.46.0

2023

Jan.

1.00.80.51.16.3

Feb.

0.3-0.70.00.76.2

Mar.

-0.30.9-1.0-0.54.5

Apr.

0.70.8-1.11.04.4

May(1)

0.2-0.3-0.30.43.9

June(1)

0.0-0.8-0.10.24.3

July(1)

0.62.10.80.24.7

Aug.(1)

0.0-0.2-0.80.34.3

Sept.

0.30.20.70.34.1

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2023 through August 2023 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Production Flow
Stage 4 intermediate demand: Prices for stage 4 intermediate demand increased 0.4 percent in 
September, the third consecutive rise. In September, the index for total services inputs to stage 4 
intermediate demand advanced 0.5 percent, and prices for total goods inputs moved up 0.3 percent. 
(See table D.) Increases in the indexes for gross rents of retail properties, deposit services (partial), 
machinery and equipment parts and supplies wholesaling, gasoline, investment banking, and for 
commercial and industrial machinery and equipment repair and maintenance outweighed declines in 
the indexes for loan services (partial); grains; and metals, minerals, and ores wholesaling. For the 12 
months ended in September, prices for stage 4 intermediate demand rose 2.4 percent.
Stage 3 intermediate demand: The index for stage 3 intermediate demand advanced 0.9 percent in 
September after moving up 1.1 percent in August. In September, prices for total goods inputs to stage 
3 intermediate demand rose 1.6 percent, and the index for total services inputs increased 0.3 percent. 
Higher prices for raw milk, slaughter chickens, jet fuel, deposit services (partial), diesel fuel, and 
arrangement of freight and cargo transportation outweighed declines in the indexes for grains, loan 
services (partial), and television advertising time sales. For the 12 months ended in September, prices 
for stage 3 intermediate demand fell 3.2 percent.
Stage 2 intermediate demand: The index for stage 2 intermediate demand rose 1.5 percent in 
September, the third consecutive increase. In September, prices for total goods inputs to stage 2 
intermediate demand jumped 3.4 percent, and the index for total services inputs edged up 0.1 percent. 
Advances in the indexes for crude petroleum, deposit services (partial), gas fuels, oilseeds, 
arrangement of freight and cargo transportation, and machinery and equipment parts and supplies 
wholesaling outweighed decreases in prices for loan services (partial), broadcast and network 
television advertising time sales, and wood pulp. For the 12 months ended in September, the index 
for stage 2 intermediate demand declined 6.9 percent. 
Stage 1 intermediate demand: The index for stage 1 intermediate demand moved up 0.4 percent in 
September after advancing 1.4 percent in August. In September, the index for total services inputs to 
stage 1 intermediate demand rose 0.4 percent, and prices for total goods inputs climbed 0.3 percent. 
Increases in the indexes for gross rents of retail properties; diesel fuel; hardware, building materials, 
and supplies retailing; gasoline; investment banking; and traveler accommodation services 
outweighed decreases in the indexes for grains; metals, minerals, and ores wholesaling; and airline 
passenger services. For the 12 months ended in September, prices for stage 1 intermediate demand 
fell 1.0 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

2022

Sept.

0.40.10.70.0-0.10.1-1.9-4.00.30.30.30.2

Oct.

0.1-0.10.2-0.1-0.60.5-4.7-9.80.80.1-0.20.4

Nov.

0.4-0.21.0-0.4-1.10.3-1.0-2.90.80.1-0.60.9

Dec.

-0.4-0.70.0-2.0-3.80.01.01.50.6-1.8-3.0-0.4

2023

Jan.

1.00.81.20.2-0.50.9-0.9-2.90.90.70.80.7

Feb.

0.0-0.10.2-0.2-0.60.1-1.4-4.61.2-0.3-0.4-0.2

Mar.

-0.3-0.5-0.1-0.7-1.1-0.4-2.5-4.9-0.7-0.4-1.00.2

Apr.

0.3-0.20.7-0.2-1.20.70.91.20.7-0.1-0.70.5

May(1)

-0.2-0.60.2-1.4-3.0-0.1-1.4-4.10.6-1.0-1.8-0.2

June(1)

-0.10.0-0.1-0.2-0.1-0.2-1.0-2.1-0.2-0.2-0.60.2

July(1)

0.4-0.10.9-0.4-1.40.51.94.10.30.1-0.70.9

Aug.(1)

0.60.80.51.13.3-0.70.72.3-0.41.42.60.3

Sept.

0.40.30.50.91.60.31.53.40.10.40.30.4

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for May 2023 through August 2023 have been revised to reflect the availability of late reports and corrections by respondents.

________________
The Producer Price Index for October 2023 is scheduled to be released on Wednesday, November 15, 2023, 
at 8:30 a.m. (ET).

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