November 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 0.2 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices edged up 0.1 percent in October and advanced 0.6 percent in September. (See table A.) On an unadjusted basis, the index for final demand rose 3.0 percent for the 12 months ended in November.

The November increase in prices for final demand can be traced to a 0.9-percent advance in the index for final demand goods. Prices for final demand services were unchanged.

The index for final demand less foods, energy, and trade services advanced 0.2 percent in November after moving up 0.7 percent in October. For the 12 months ended in November, prices for final demand less foods, energy, and trade services climbed 3.5 percent, the largest 12-month increase since rising 3.5 percent in March.

Final Demand

Final demand goods: The index for final demand goods advanced 0.9 percent in November, the largest rise since moving up 0.9 percent in February 2024. Over 80 percent of the November increase can be traced to prices for final demand energy, which jumped 4.6 percent. The index for final demand goods less foods and energy advanced 0.2 percent, while prices for final demand foods were unchanged.

Product detail: More than half of the November rise in the index for final demand goods is attributable to prices for gasoline, which moved up 10.5 percent. The indexes for electric power, diesel fuel, fresh fruits and melons, jet fuel, and light motor trucks also increased. (Most new-model- year passenger cars and light motor trucks were introduced into the PPI in October and November. See notice on Quality Changes for 2026 Model Vehicles at the end of this release.) In contrast, prices for residual fuels declined 8.6 percent. The indexes for beef and veal and for basic organic chemicals also decreased. (See table 2.)

Final demand services: Prices for final demand services were unchanged in November following a 0.3-percent increase in October. In November, the indexes for final demand services less trade, transportation, and warehousing and for final demand transportation and warehousing services both advanced 0.3 percent. Conversely, margins for final demand trade services fell 0.8 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.)

Product detail: Within final demand services in November, prices for bundled wired telecommunications access services rose 4.6 percent. The indexes for machinery and vehicle wholesaling, portfolio management, outpatient care (partial), and game software publishing also moved up. In contrast, margins for health, beauty, and optical goods retailing decreased 4.3 percent. The indexes for automobile retailing (partial), chemicals and allied products wholesaling, guestroom rental, and food and alcohol retailing also declined.

Intermediate Demand by Commodity Type

Within intermediate demand in November, prices for processed goods increased 0.6 percent, the index for unprocessed goods rose 0.4 percent, and prices for services advanced 0.2 percent. (See tables B and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate demand moved up 0.6 percent in November, the largest increase since rising 0.8 percent in July. Most of the November advance is attributable to prices for processed energy goods, which climbed 3.0 percent. The index for processed materials less foods and energy edged up 0.1 percent. Conversely, prices for processed foods and feeds declined 0.3 percent. For the 12 months ended in November, the index for processed goods for intermediate demand increased 3.6 percent.

Product detail: Nearly three-fourths of the November advance in the index for processed goods for intermediate demand can be traced to a 12.4-percent rise in prices for diesel fuel. The indexes for gasoline, primary nonferrous metals, commercial electric power, utility natural gas, and jet fuel also increased. In contrast, prices for sugar and confectionery products fell 1.3 percent. The indexes for basic organic chemicals and for residual fuels also decreased.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate demand rose 0.4 percent in November, the first increase since moving up 1.6 percent in July. Leading the November advance, prices for unprocessed energy materials climbed 1.4 percent. The index for unprocessed nonfood materials less energy rose 1.1 percent. Conversely, prices for unprocessed foodstuffs and feedstuffs declined 0.9 percent. For the 12 months ended in November, the index for unprocessed goods for intermediate demand inched up 0.1 percent.

Product detail: A 10.8-percent increase in the index for natural gas was a major factor in the November advance in prices for unprocessed goods for intermediate demand. The indexes for hay, hayseeds, and oilseeds; nonferrous metals; fresh fruits and melons; corn; and wheat also moved higher. In contrast, prices for slaughter steers and heifers fell 5.0 percent. The indexes for crude petroleum and for recyclable paper also decreased.

Services for intermediate demand: The index for services for intermediate demand moved up 0.2 percent in November following a 0.3-percent advance in October. Half of the broad-based increase in November can be traced to prices for services less trade, transportation, and warehousing for intermediate demand, which rose 0.2 percent. The indexes for transportation and warehousing services for intermediate demand and for trade services for intermediate demand also moved up, 0.5 percent and 0.2 percent, respectively. For the 12 months ended in November, prices for services for intermediate demand advanced 2.5 percent, the largest increase since rising 2.6 percent in March.

Product detail: Over half of the increase in the index for services for intermediate demand can be attributed to a 4.2-percent jump in prices for management consulting services. The indexes for machinery and equipment parts and supplies wholesaling; metals, minerals, and ores wholesaling; courier, messenger, and U.S. postal services; bundled wired telecommunications access services; and temporary help services also moved higher. Conversely, prices for business loans (partial) fell 4.5 percent. The indexes for chemicals and allied products wholesaling and for deep sea water transportation of freight also decreased.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: Prices for stage 4 intermediate demand increased 0.4 percent in November, the sixth consecutive advance. In November, the index for total goods inputs to stage 4 intermediate demand moved up 0.5 percent, and prices for total services inputs rose 0.3 percent. (See table D.) Increases in the indexes for gasoline; machinery and equipment parts and supplies wholesaling; diesel fuel; metals, minerals, and ores wholesaling; portfolio management; and management consulting services outweighed declines in the indexes for business loans (partial), chemicals and allied products wholesaling, and sugar and confectionary products. For the 12 months ended in November, prices for stage 4 intermediate demand moved up 3.5 percent, the largest 12- month advance since rising 4.8 percent in February 2023.

Stage 3 intermediate demand: The index for stage 3 intermediate demand was unchanged in November after declining 0.5 percent in October. In November, prices for both total services inputs and total goods inputs to stage 3 intermediate demand also were unchanged. Increases in the indexes for metals, minerals, and ores wholesaling; diesel fuel; courier, messenger, and U.S. postal services; hay, hayseeds, and oilseeds; and jet fuel offset falling prices for raw milk, slaughter steers and heifers, cable network advertising time sales, business loans (partial), and slaughter hogs. For the 12 months ended in November, the index for stage 3 intermediate demand rose 1.8 percent.

Stage 2 intermediate demand: Prices for stage 2 intermediate demand edged up 0.1 percent in November, the first increase since advancing 0.5 percent in July. In November, the index for total goods inputs to stage 2 intermediate demand rose 0.6 percent. In contrast, prices for total services inputs declined 0.2 percent. Advances in the indexes for natural gas, primary nonferrous metals, oilseeds, nonferrous metal ores, and machinery and equipment parts and supplies wholesaling outweighed decreasing prices for business loans (partial), crude petroleum, natural gas liquids, and basic organic chemicals. For the 12 months ended in November, the index for stage 2 intermediate demand rose 1.0 percent.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand rose 0.2 percent in November, the same as in October. In November, the index for total goods inputs to stage 1 intermediate demand moved up 0.4 percent, and prices for total services inputs advanced 0.1 percent. Increases in the indexes for diesel fuel; metals, minerals, and ores wholesaling; gasoline; machinery and equipment parts and supplies wholesaling; utility natural gas; and courier, messenger, and U.S. postal services outweighed decreases in the indexes for chemicals and allied products wholesaling; securities brokerage, dealing, investment advice, and related services; and basic organic chemicals. For the 12 months ended in November, prices for stage 1 intermediate demand moved up 3.7 percent, the largest 12-month advance since rising 3.8 percent in February 2023.

Effect of Federal Government Shutdown on PPI Data

The Federal government shutdown in October and November significantly delayed the transmission of Producer Price Index (PPI) price-update requests. October price-update requests, asking for information as of the October 14 pricing date, were sent to PPI survey respondents on November 19. Price-update requests for November data, asking for information as of the November 11 pricing date, were sent to PPI survey respondents on December 3. The response rates for the October and November data reflected in this release are within the normal range, and no modifications to PPI methodology or procedures were necessary.

The effects of the government shutdown will continue to delay upcoming PPI data releases, with the December PPI data release rescheduled for January 30, 2026. Revised PPI release dates will be posted at www.bls.gov/bls/2025-lapse-revised-release-dates.htm as they become available.

Quality Changes for 2026 Model Vehicles

Most new-model-year passenger cars and light motor trucks were introduced into the Producer Price Index (PPI) with data for October and November 2025.

Passenger Cars

The value of quality changes for a sample of 2026-model-year domestically produced passenger cars included in the PPI for October and November averaged $25.20, according to estimates by the U.S. Bureau of Labor Statistics (BLS). This change represents 4.9 percent of the average $512.55 increase in manufacturer invoice prices for 2026 models as compared with models from the prior year.

The retail equivalent value of these quality changes averaged $27.58, representing 5.0 percent of the average $552.63 over-the-year increase in manufacturer suggested list prices.

Light Trucks

The value of quality changes for a sample of 2026-model-year domestically produced light trucks included in the PPI for October and November averaged $187.93. This change represents 19.9 percent of the average $942.91 increase in manufacturer invoice prices for 2026 models as compared with models from the prior year.

The retail equivalent value of these quality changes averaged $201.93, representing 20.1 percent of the average $1,004.41 over-the-year increase in manufacturer suggested list prices.

The $201.93 estimated retail value of quality change breaks down as follows:

* $12.98 for improvements to safety equipment. * $33.03 for improvements to infotainment systems. * $155.92 for other changes such as improvements to powertrains and changes in levels of standard or optional equipment.

For additional information, contact the PPI Section of Index Analysis and Public Information, at ppi-info@bls.gov or (202) 691-7705.

Estimates of the value of quality change are based on a review by the BLS of data supplied by producers for similarly equipped 2025 and 2026 models priced for the Producer Price Index. Most of the estimates of quality changes in this release are derived from information supplied for the Producer Price Index for October and November.

Recalculated Relative Importance Figures and Seasonal Adjustment Factors to be Available on February 27, 2026

Relative Importance Figure Tables for December 2025: * 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

Seasonal Factor Update: * Direct seasonal factors for PPI commodity indexes for 2026 * Recalculated seasonal factors for the last 5 years (2021-2025) for PPI commodity indexes * Recalculated seasonal factors for the last 5 years (2021-2025) for PPI FD-ID indexes

Recalculated seasonal index data for 2021-2025 for the FD-ID and commodity indexes also will be posted to the PPI database on the BLS website on February 27, 2026, at 8:30 AM eastern time.

For additional information, contact the PPI Section of Index Analysis and Public Information at ppi-info@bls.gov or (202) 691-7705.

PPI Updates Commodity Weight Allocations for the Final Demand-Intermediate Demand Aggregation Structure

Effective with the release of data for January 2026 on February 27, 2026, the Bureau of Labor Statistics (BLS) will update weight allocations used to calculate the Producer Price Index (PPI) Final Demand-Intermediate Demand (FD-ID) indexes to more accurately reflect recent sales patterns. The new allocations will be based primarily on data from the 2017 Input-Output (I-O) Accounts from the Bureau of Economic Analysis (BEA). The allocations were previously based on the 2012 I-O of Accounts data. PPI commodity index weights continue to be based on shipment values from the 2017 economic census, which were applied in January 2023. It is the proportions of these commodity index weights allocated to the various FD-ID categories, including Final demand, Intermediate demand by commodity type, and Intermediate demand by production flow, that will be updated.

This allocation update will not change the PPI commodity classification system, reference base, the FD-ID aggregation structure, or historical index data. It may, however, result in substantial shifts in the relative importance figures of certain commodity components that make up the FD- ID indexes.

Relative importance figure tables for December 2025, which detail the shift in weight allocations, as well as price movements in 2025, will be available on February 27, 2026 on the BLS website at www.bls.gov/ppi/tables/. This information also may be requested from the PPI Section of Index Analysis and Public Information at ppi-info@bls.gov or (202) 691-7705.