September 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 increased 0.3 percent in September, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices declined 0.1 percent in August and rose 0.8 percent in July. (See table A.) On an unadjusted basis, the index for final demand moved up 2.7 percent for the 12 months ended in September. Note that September PPI data collection was completed before the lapse in appropriations.

The September advance in the index for final demand is attributable to a 0.9-percent increase in prices for final demand goods. The index for final demand services was unchanged.

Prices for final demand less foods, energy, and trade services edged up 0.1 percent in September after rising 0.3 percent in August. For the 12 months ended in September, the index for final demand less foods, energy, and trade services increased 2.9 percent.

Final Demand

Final demand goods: The index for final demand goods advanced 0.9 percent in September, the largest increase since moving up 0.9 percent in February 2024. Two-thirds of the broad-based rise in September can be traced to prices for final demand energy, which climbed 3.5 percent. The index for final demand foods advanced 1.1 percent, and prices for final demand goods less foods and energy increased 0.2 percent.

Product detail: Sixty percent of the September rise in the index for final demand goods can be traced to prices for gasoline, which advanced 11.8 percent. The indexes for meats, residential electric power, natural gas liquids, motor vehicles and equipment, and ethanol also moved higher. In contrast, prices for fresh and dry vegetables declined 1.8 percent. The indexes for nonferrous metal ores and for residual fuels also fell. (See table 2.)

Final demand services: The index for final demand services was unchanged in September after decreasing 0.3 percent in August. In September, price advances of 0.8 percent for final demand transportation and warehousing services and 0.1 percent for final demand services less trade, transportation, and warehousing offset a 0.2-percent decline in margins for final demand trade services. (Trade indexes measure changes in margins received by wholesalers and retailers.)

Product detail: Within the index for final demand services in September, prices for airline passenger services advanced 4.0 percent. The indexes for food wholesaling, chemicals and allied products wholesaling, deposit services (partial), and furniture retailing also moved higher. Conversely, margins for machinery and equipment wholesaling decreased 3.5 percent. The indexes for automobile retailing (partial); apparel, jewelry, footwear, and accessories retailing; portfolio management; and long-distance motor carrying also declined.

Intermediate Demand by Commodity Type

Within intermediate demand in September, prices for processed goods increased 0.4 percent, the index for unprocessed goods rose 0.1 percent, and prices for services advanced 0.1 percent. (See tables B and C.)

Processed goods for intermediate demand: Prices for processed goods for intermediate demand moved up 0.4 percent in September, the third consecutive increase. Nearly 40 percent of the broad- based September advance can be attributed to a 0.9-percent rise in the index for processed energy goods. Prices for processed materials less foods and energy and for processed foods and feeds also moved higher, 0.2 percent and 1.1 percent, respectively. For the 12 months ended in September, the index for processed goods for intermediate demand advanced 3.8 percent, the largest 12-month increase since rising 3.9 percent in January 2023.

Product detail: Over half of the September advance in prices for processed goods for intermediate demand can be traced to an 11.8-percent jump in the index for gasoline. Prices for meats, fluid power equipment, ethanol, natural gas liquids, and fabricated structural metal products also rose. In contrast, the index for industrial electric power moved down 2.0 percent. Prices for commercial electric power and for primary basic organic chemicals also decreased.

Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate demand inched up 0.1 percent in September after declining 1.8 percent in August. Leading the increase, the index for unprocessed foodstuffs and feedstuffs advanced 1.9 percent. Prices for unprocessed nonfood materials less energy rose 1.5 percent. Conversely, the index for unprocessed energy materials decreased 3.0 percent. For the 12 months ended in September, prices for unprocessed goods for intermediate demand increased 3.5 percent, the largest 12-month advance since rising 6.5 percent in March.

Product detail: A major factor in the September advance in the index for unprocessed goods for intermediate demand was the price of corn, which rose 8.3 percent. The indexes for slaughter barrows and gilts, slaughter steers and heifers, fresh fruits and melons, and aluminum base scrap also increased. In contrast, prices for natural gas dropped 8.7 percent. The indexes for crude petroleum, raw milk, and copper base scrap also moved lower.

Services for intermediate demand: The index for services for intermediate demand edged up 0.1 percent in September after no change in August. Leading the increase, margins for trade services for intermediate demand advanced 0.8 percent. Prices for transportation and warehousing services for intermediate demand rose 0.4 percent. Conversely, the index for services less trade, transportation, and warehousing for intermediate demand inched down 0.1 percent. For the 12 months ended in September, prices for services for intermediate demand increased 1.7 percent.

Product detail: More than 80 percent of the September rise in prices for services for intermediate demand can be traced to margins for food wholesaling, which advanced 3.8 percent. The indexes for administrative and general management consulting services, deposit services (partial), chemicals and allied products wholesaling, and airline passenger services also moved higher. In contrast, prices for loan services (partial) declined 3.4 percent. The indexes for machinery and equipment parts and supplies wholesaling, paper and plastics products wholesaling, and long-distance motor carrying also fell.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: Prices for stage 4 intermediate demand rose 0.2 percent in September, the fourth consecutive advance. In September, the index for total goods inputs to stage 4 intermediate demand increased 0.5 percent. Conversely, prices for total services inputs edged down 0.1 percent. (See table D.) Advances in the indexes for gasoline; food wholesaling; meats; fluid power equipment; securities brokerage, dealing, investment advice, and related services; and chemicals and allied products wholesaling outweighed decreases in the indexes for machinery and equipment parts and supplies wholesaling, loan services (partial), and industrial electric power. For the 12 months ended in September, prices for stage 4 intermediate demand moved up 3.0 percent, the largest 12-month increase since rising 3.4 percent in March 2023.

Stage 3 intermediate demand: Prices for stage 3 intermediate demand advanced 0.3 percent in September following no change in August. In September, the index for total goods inputs to stage 3 intermediate demand moved up 0.4 percent, and prices for total services inputs rose 0.2 percent. Increases in the indexes for slaughter barrows and gilts, corn, gasoline, slaughter steers and heifers, services related to air transportation, and food wholesaling outweighed declines in the indexes for raw milk, loan services (partial), and paper and plastics products wholesaling. For the 12 months ended in September, prices for stage 3 intermediate demand moved up 2.4 percent, the largest 12- month advance since rising 2.4 percent in January.

Stage 2 intermediate demand: Prices for stage 2 intermediate demand edged down 0.1 percent in September after falling 0.7 percent in August. In September, the index for total goods inputs to stage 2 intermediate demand declined 0.5 percent. In contrast, prices for total services inputs inched up 0.1 percent. Decreases in the indexes for natural gas, loan services (partial), crude petroleum, machinery and equipment parts and supplies wholesaling, and primary basic organic chemicals outweighed advances in the indexes for food wholesaling, deposit services (partial), natural gas liquids, and ethanol. For the 12 months ended in September, prices for stage 2 intermediate demand moved up 1.3 percent, the largest 12-month increase since rising 2.6 percent in March.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand advanced 0.4 percent in September following no change in August. In September, the index for total goods inputs to stage 1 intermediate demand moved up 0.6 percent, and prices for total services inputs rose 0.2 percent. Increases in the indexes for gasoline; airline passenger services; corn; fluid power equipment; ethanol; and securities brokerage, dealing, investment advice, and related services outweighed declines in the indexes for machinery and equipment parts and supplies wholesaling, data processing and related services, and industrial electric power. For the 12 months ended in September, prices for stage 1 intermediate demand moved up 3.1 percent, the largest 12-month advance since rising 3.8 percent in February 2023.

Federal Government Shutdown

The release of data for the September 2025 Producer Price Index (PPI) was delayed by more than 5 weeks because of the lapse in federal appropriations. While BLS completed data collection prior to the lapse, BLS could not complete data processing and review until appropriations resumed.

Subsequent PPI data releases will also be delayed. Revised release dates will be posted at www.bls.gov/bls/2025-lapse-revised-release-dates.htm as they become available.