July 2025 Producer Price Index

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Producer Price Index for final demand rose 0.9 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in June and moved up 0.4 percent in May. (See table A.) On an unadjusted basis, the index for final demand advanced 3.3 percent for the 12 months ended in July, the largest 12-month increase since rising 3.4 percent in February 2025.

Within final demand, more than three-quarters of the broad-based advance in July can be traced to the index for final demand services, which rose 1.1 percent. Prices for final demand goods increased 0.7 percent.

The index for final demand less foods, energy, and trade services moved up 0.6 percent in July, the largest increase since rising 0.9 percent in March 2022. For the 12 months ended in July, prices for final demand less foods, energy, and trade services advanced 2.8 percent.

Final Demand

Final demand services: The index for final demand services moved up 1.1 percent in July, the largest advance since rising 1.3 percent in March 2022. Over half of the broad-based July increase is attributable to margins for final demand trade services, which jumped 2.0 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Prices for final demand services less trade, transportation, and warehousing and for final demand transportation and warehousing services advanced 0.7 percent and 1.0 percent, respectively.

Product detail: Thirty percent of the July rise in prices for final demand services can be traced to margins for machinery and equipment wholesaling, which jumped 3.8 percent. The indexes for portfolio management; securities brokerage, dealing, investment advice, and related services; traveler accommodation services; automobiles retailing (partial); and truck transportation of freight also advanced. In contrast, prices for hospital outpatient care fell 0.5 percent. The indexes for furniture retailing and for pipeline transportation of energy products also declined. (See table 2.)

Final demand goods: Prices for final demand goods moved up 0.7 percent in July, the largest advance since rising 0.7 percent in January. Forty percent of the broad-based increase in July can be attributed to the index for final demand foods, which jumped 1.4 percent. Prices for final demand goods less foods and energy and for final demand energy moved up 0.4 percent and 0.9 percent, respectively.

Product detail: A quarter of the July advance in the index for final demand goods can be traced to prices for fresh and dry vegetables, which jumped 38.9 percent. The indexes for meats, diesel fuel, jet fuel, nonferrous scrap, and eggs for fresh use also rose. Conversely, prices for gasoline decreased 1.8 percent. The indexes for canned, cooked, smoked, or prepared poultry and for plastic resins and materials also declined.

Intermediate Demand by Commodity Type

Within intermediate demand in July, prices for processed goods increased 0.8 percent, the index for unprocessed goods rose 1.8 percent, and prices for services advanced 0.8 percent. (See tables B and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate demand moved up 0.8 percent in July, the largest increase since rising 1.0 percent in January. Leading the July advance, prices for processed energy goods jumped 2.2 percent. The index for processed materials less foods and energy moved up 0.5 percent. In contrast, prices for processed foods and feeds declined 0.1 percent. For the 12 months ended in July, the index for processed goods for intermediate demand increased 2.1 percent, the largest 12-month advance since rising 2.1 percent in February 2023.

Product detail: Over half of the July increase in prices for processed goods for intermediate demand is attributable to the diesel fuel index, which jumped 11.8 percent. Prices for industrial electric power, jet fuel, meats, aluminum mill shapes, and commercial electric power also moved higher. Conversely, the index for canned, cooked, smoked, or prepared poultry fell 14.1 percent. Prices for natural gas to electric utilities and for cold rolled steel sheet and strip also decreased.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate demand rose 1.8 percent in July after advancing 2.6 percent in June. In July, nearly two-thirds of the broad-based increase can be traced to prices for unprocessed foodstuffs and feedstuffs, which jumped 2.9 percent. The indexes for unprocessed nonfood materials less energy and for unprocessed energy materials also moved higher, rising 2.0 percent and 0.5 percent, respectively. For the 12 months ended in July, prices for unprocessed goods for intermediate demand advanced 0.5 percent.

Product detail: Over 30 percent of the July increase in prices for unprocessed goods for intermediate demand is attributable to the index for raw milk, which jumped 9.1 percent. Prices for crude petroleum, nonferrous scrap, slaughter poultry, livestock, and corn also moved higher. In contrast, the natural gas index declined 2.1 percent. Prices for oilseeds and for recyclable paper also fell.

Services for intermediate demand: The index for services for intermediate demand rose 0.8 percent in July, the largest increase since moving up 0.8 percent in January 2024. More than half of the broad-based advance in July can be traced to prices for services less trade, transportation, and warehousing for intermediate demand, which climbed 0.6 percent. The indexes for trade services for intermediate demand and for transportation and warehousing services for intermediate demand also moved up, 1.3 percent and 0.8 percent, respectively. For the 12 months ended in July, prices for services for intermediate demand rose 2.0 percent.

Product detail: Nearly 20 percent of the July increase in the index for services for intermediate demand can be attributed to a 3.2-percent advance in prices for securities brokerage, dealing, investment advice, and related services. The indexes for portfolio management; courier, messenger, and U.S. postal services; food and alcohol wholesaling; data processing and related services; and metals, minerals, and ores wholesaling also rose. Conversely, prices for business loans (partial) fell 1.3 percent. The indexes for pipeline transportation of energy products and for building materials, paint, and hardware wholesaling also declined.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: In July, prices for stage 4 intermediate demand advanced 0.8 percent, the largest rise since jumping 1.0 percent in January 2023. In July, the index for total services inputs to stage 4 intermediate demand increased 1.0 percent, and prices for total goods inputs rose 0.5 percent. (See table D.) Advances in the indexes for portfolio management; securities brokerage, dealing, investment advice, and related services; courier, messenger, and U.S. postal services; food and alcohol wholesaling; meats; and diesel fuel outweighed decreases in prices for natural gas to electric utilities, cherries, and business loans (partial). For the 12 months ended in July, the index for stage 4 intermediate demand moved up 2.6 percent, the largest 12-month increase since rising 2.6 percent in March 2025.

Stage 3 intermediate demand: In July, the index for stage 3 intermediate demand advanced 1.1 percent, the largest increase since moving up 1.2 percent in August 2023. In July, prices for total goods inputs to stage 3 intermediate demand jumped 2.0 percent, and the index for total services inputs rose 0.5 percent. Increases in prices for diesel fuel; raw milk; jet fuel; courier, messenger, and U.S. postal services; slaughter poultry; and livestock outweighed declines in the indexes for freight forwarding, metal coating and allied services, and ungraded chicken eggs. For the 12 months ended in July, prices for stage 3 intermediate demand rose 2.1 percent, the largest 12-month advance since moving up 2.1 percent in February 2025.

Stage 2 intermediate demand: In July, prices for stage 2 intermediate demand advanced 0.5 percent after rising 0.9 percent in June. In July, the index for total goods inputs to stage 2 intermediate demand increased 0.6 percent, and prices for total services inputs moved up 0.4 percent. Advances in the indexes for crude petroleum, food and alcohol wholesaling, nonferrous scrap, data processing and related services, portfolio management, and carbon steel scrap outweighed declining prices for pipeline transportation of energy products, natural gas, and business loans (partial). For the 12 months ended in July, the index for stage 2 intermediate demand fell 0.2 percent.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand increased 1.1 percent in July, the largest advance since rising 1.3 percent in August 2023. In July, the index for total services inputs to stage 1 intermediate demand jumped 1.4 percent, and prices for total goods inputs moved up 0.8 percent. Increases in the indexes for securities brokerage, dealing, investment advice, and related services; diesel fuel; data processing and related services; portfolio management; courier, messenger, and U.S. postal services; and traveler accommodation services outweighed decreasing indexes for natural gas to electric utilities; soybean cake and meal; and building materials, paint, and hardware wholesaling. For the 12 months ended in July, prices for stage 1 intermediate demand advanced 2.5 percent, the largest 12-month rise since moving up 3.8 percent in February 2023.

BLS Discontinues Selected PPIs

With the release of Producer Price Index (PPI) data for July 2025 on August 14, 2025, BLS has ended calculation and publication of 5 Final Demand-Intermediate Demand (FD-ID) indexes, listed below.

FD-ID code FD-ID Title FD49103 Final demand less foods, food and nonalcoholic beverages for immediate consumption, and energy FD49105 Final demand less foods and food and nonalcoholic beverages for immediate consumption FD49202 Total finished less foods, food and nonalcoholic beverages for immediate consumption, and energy FD49204 Total finished less foods and food and nonalcoholic beverages for immediate consumption ID69215 Nonfood materials excluding fuel for manufacturing, excluding selected items

In addition, with the release of July 2025 PPI data, BLS has stopped calculation and publication of about 350 PPIs from the industry, commodity, and special index categories. Details of these index eliminations are available at www.bls.gov/ppi/notices/2025/bls-to-discontinue-selected- ppis.htm.