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The Producer Price Index for final demand advanced 0.2 percent in June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in May and increased 0.5 percent in April. (See table A.) On an unadjusted basis, the index for final demand rose 2.6 percent for the 12 months ended in June, the largest advance since moving up 2.7 percent for the 12 months ended March 2023.
The June rise in the index for final demand can be traced to a 0.6-percent increase in prices for final demand services. In contrast, the index for final demand goods decreased 0.5 percent.
Prices for final demand less foods, energy, and trade services were unchanged in June following a 0.2-percent advance in May. For the 12 months ended in June, the index for final demand less foods, energy, and trade services moved up 3.1 percent.
Final Demand
Final demand services: Prices for final demand services rose 0.6 percent in June after moving up 0.3 percent in May. Nearly all the June increase is attributable to a 1.9-percent jump in margins for final demand trade services. (Trade indexes measure changes in margins received by wholesalers and retailers.) The index for final demand services less trade, transportation, and warehousing inched up 0.1 percent. Conversely, prices for final demand transportation and warehousing services fell 0.4 percent.
Product detail: Over one-quarter of the June advance in prices for final demand services can be traced to a 3.7-percent rise in margins for machinery and vehicle wholesaling. The indexes for automobiles and automobile parts retailing; deposit services (partial); fuels and lubricants retailing; computer hardware, software, and supplies retailing; and professional and commercial equipment wholesaling also moved higher. In contrast, prices for truck transportation of freight declined 1.2 percent. The indexes for residential real estate loans (partial) and for machinery and equipment parts and supplies wholesaling also decreased. (See table 2.)
Final demand goods: Prices for final demand goods moved down 0.5 percent in June after falling 0.8 percent in May. Most of the June decrease is attributable to a 2.6-percent drop in the index for final demand energy. Prices for final demand foods declined 0.3 percent, while the index for final demand goods less foods and energy was unchanged.
Product detail: Over 60 percent of the June decrease in the index for final demand goods can be traced to a 5.8-percent decline in prices for gasoline. The indexes for processed poultry, residential electric power, diesel fuel, jet fuel, and fresh and dry vegetables also moved lower. Conversely, prices for chicken eggs increased 55.4 percent. The indexes for residential natural gas and for aluminum base scrap also advanced.
Intermediate Demand by Commodity Type
Within intermediate demand in June, prices for processed goods fell 0.2 percent, the index for unprocessed goods advanced 1.4 percent, and prices for services rose 0.2 percent. (See tables B and C.)
Processed goods for intermediate demand: The index for processed goods for intermediate demand fell 0.2 percent in June after moving down 1.4 percent in May. Most of the June decrease can be attributed to a 1.1-percent decline in prices for processed energy goods. The index for processed materials less foods and energy edged down 0.1 percent. In contrast, prices for processed foods and feeds advanced 0.2 percent. For the 12 months ended in June, the index for processed goods for intermediate demand fell 0.5 percent.
Product detail: Sixty percent of the June decrease in prices for processed goods for intermediate demand can be attributed to a 5.8-percent decline in the index for gasoline. Prices for diesel fuel, primary basic organic chemicals, commercial electric power, processed poultry, and jet fuel also fell. Conversely, the index for confectionery materials advanced 8.1 percent. Prices for industrial electric power and for aluminum mill shapes also moved higher.
Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate demand rose 1.4 percent in June, the third consecutive advance. The June increase can be traced to prices for unprocessed energy goods, which moved up 4.7 percent. Conversely, the indexes for unprocessed foodstuffs and feedstuffs and for unprocessed nonfood materials less energy decreased, 0.3 percent and 0.4 percent, respectively. For the 12 months ended in June, prices for unprocessed goods for intermediate demand moved up 2.7 percent, the first increase since rising 2.8 percent for the 12 months ended January 2023.
Product detail: Leading the June advance in the index for unprocessed goods for intermediate demand, prices for natural gas jumped 36.3 percent. The indexes for raw milk, ungraded chicken eggs, slaughter chickens, aluminum base scrap, and slaughter sows also rose. In contrast, prices for slaughter barrows and gilts fell 16.0 percent. The indexes for nonferrous metal ores and for crude petroleum also declined.
Services for intermediate demand: The index for services for intermediate demand increased 0.2 percent in June, the fourth consecutive rise. Leading the June advance, prices for services less trade, transportation, and warehousing for intermediate demand moved up 0.3 percent. Margins for trade services for intermediate demand increased 0.5 percent. Conversely, the index for transportation and warehousing services for intermediate demand declined 0.4 percent. For the 12 months ended in June, prices for services for intermediate demand rose 3.8 percent.
Product detail: One-third of the June increase in the index for services for intermediate demand can be traced to a 3.8-percent advance in prices for gross rents for retail properties. The indexes for deposit services (partial); securities brokerage, dealing, investment advice, and related services; building materials, paint, and hardware wholesaling; fuels and lubricants retailing; and airline passenger services also moved higher. In contrast, prices for warehousing, storage, and related services declined 2.9 percent. The indexes for machinery and equipment parts and supplies wholesaling and for staffing services also decreased.
Intermediate Demand by Production Flow
Stage 4 intermediate demand: Prices for stage 4 intermediate demand edged up 0.1 percent in June after falling 0.1 percent in May. In June, the index for total services inputs to stage 4 intermediate demand advanced 0.3 percent. Conversely, prices for total goods inputs decreased 0.2 percent. (See table D.) Increases in the indexes for gross rents for retail properties; industrial electric power; securities brokerage, dealing, investment advice, and related services; deposit services (partial); and portfolio management outweighed declines in the indexes for gasoline; machinery and equipment parts and supplies wholesaling; warehousing, storage, and related services; and fabricated structural metal. For the 12 months ended in June, prices for stage 4 intermediate demand rose 2.3 percent, the largest advance since moving up 2.4 percent for the 12 months ended August 2023.
Stage 3 intermediate demand: The index for stage 3 intermediate demand was unchanged in June after declining 0.3 percent in May. In June, prices for total goods inputs to stage 3 intermediate demand edged down 0.1 percent, while the index for total services inputs was unchanged. Advances in prices for raw milk, ungraded chicken eggs, slaughter chickens, deposit services (partial), and gross rents for retail properties offset declines in the indexes for slaughter barrows and gilts, diesel fuel, jet fuel, cable network advertising time sales, and gasoline. For the 12 months ended in June, prices for stage 3 intermediate demand increased 1.2 percent, the largest rise since moving up 2.4 percent for the 12 months ended February 2023.
Stage 2 intermediate demand: The index for stage 2 intermediate demand advanced 0.8 percent in June after falling 0.2 percent in May. In June, prices for total goods inputs to stage 2 intermediate demand rose 1.6 percent, and the index for total services inputs increased 0.3 percent. Advances in the indexes for natural gas, deposit services (partial), fuels and lubricants retailing, aluminum base scrap, business loans (partial), and broadcast and network television advertising time sales outweighed decreases in prices for liquefied petroleum gas, oilseeds, and staffing services. For the 12 months ended in June, prices for stage 2 intermediate demand moved up 3.7 percent, the largest increase since rising 5.5 percent for the 12 months ended January 2023.
Stage 1 intermediate demand: The index for stage 1 intermediate demand edged up 0.1 percent in June following a 0.7-percent decrease in May. In June, prices for total services inputs to stage 1 intermediate demand advanced 0.5 percent. In contrast, the index for total goods inputs fell 0.3 percent. Increases in the indexes for gross rents for retail properties; securities brokerage, dealing, investment advice, and related services; building materials, paint, and hardware wholesaling; industrial electric power; and utility natural gas outweighed declines in prices for diesel fuel, gasoline, primary basic organic chemicals, and truck transportation of freight. For the 12 months ended in June, prices for stage 1 intermediate demand advanced 1.0 percent, the largest rise since moving up 3.8 percent for the 12 months ended February 2023.
Resampling of Industries - June 2024
Effective with the release of data for June 2024, the Producer Price Index (PPI) includes data for 10 resampled industries classified according to the 2022 North American Industry Classification System (NAICS). The Bureau of Labor Statistics periodically updates the sample of producers providing data for the PPI to reflect current conditions more accurately when the structure, membership, technology, or product mix of an industry shifts. The first results of this systematic process were published in July 1986. Subsequent efforts have been completed at regular intervals.
For information on index additions, deletions, and recodes effective June 2024, see the current issue of the PPI Detailed Report online at www.bls.gov/ppi/detailed-report/ppi-detailed-report- june-2024.pdf, or contact the PPI Section of Index Analysis and Public Information at ppi- info@bls.gov or (202) 691-7705.
NAICS Code Industry 236222 New school building construction 311514 Dry, condensed, and evaporated dairy products 315120 Apparel knitting mills 325991 Custom compounding of purchased resins 333414 Heating equipment (except warm air furnaces) manufacturing 334413 Semiconductor and related device manufacturing 339115 Ophthalmic goods manufacturing 339995 Burial casket manufacturing 493130 Farm product warehousing and storage 621511 Medical laboratories
Source: U.S. Bureau of Labor Statistics · Original release Jul 12, 2024.
Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.