January 2026 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 0.5 percent in January, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.4 percent in December 2025 and 0.2 percent in November. (See table A.) On an unadjusted basis, the index for final demand rose 2.9 percent for the 12 months ended January 2026.

The January increase in prices for final demand can be traced to a 0.8-percent advance in the index for final demand services. In contrast, prices for final demand goods declined 0.3 percent.

The index for final demand less foods, energy, and trade services moved up 0.3 percent in January, the ninth consecutive increase. For the 12 months ended in January, prices for final demand less foods, energy, and trade services rose 3.4 percent.

Final Demand

Final demand services: The index for final demand services advanced 0.8 percent in January, the largest increase since moving up 0.9 percent in July 2025. Most of the January rise in prices for final demand services can be traced to margins for final demand trade services, which jumped 2.5 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Prices for final demand transportation and warehousing services advanced 1.0 percent, while the index for final demand services less trade, transportation, and warehousing was unchanged.

Product detail: Over 20 percent of the January increase in prices for final demand services is attributable to a 14.4-percent jump in margins for professional and commercial equipment wholesaling. The indexes for apparel, footwear, and accessories retailing; chemicals and allied products wholesaling; bundled wired telecommunications access services; health, beauty, and optical goods retailing; and food and alcohol retailing also moved higher. Conversely, prices for system software publishing fell 12.2 percent. The indexes for guestroom rental and for apparel wholesaling also decreased. (See table 2. Please note, some indexes listed in tables 1 through 3 of this release have changed due to the previously announced elimination of selected PPI commodity indexes and the PPI weight allocation update. For more information, see www.bls.gov/ppi/notices/2026/ppi- modifies-news-release-tables.htm.)

Final demand goods: Prices for final demand goods moved down 0.3 percent in January, the largest decrease since falling 0.7 percent in March 2025. Leading the January decline, the index for final demand energy dropped 2.7 percent. Prices for final demand foods decreased 1.5 percent. In contrast, the index for final demand goods less foods and energy advanced 0.7 percent.

Product detail: Nearly 80 percent of the January decline in prices for final demand goods can be traced to the index for gasoline, which fell 5.5 percent. Prices for chicken eggs, electric power, gas fuels, fresh fruits and melons, and ethanol also moved lower. Conversely, the index for search, detection, navigation, and guidance systems jumped 15.5 percent. Prices for nonferrous metals and for pork also rose.

Intermediate Demand by Commodity Type

Within intermediate demand in January, prices for processed goods were unchanged, the index for unprocessed goods fell 0.5 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 remained unchanged in January. A 0.5-percent increase in prices for processed materials less foods and energy offset declines in the indexes for processed energy goods and for processed foods and feeds, which fell 2.0 percent and 0.6 percent, respectively. For the 12 months ended in January, prices for processed goods for intermediate demand rose 2.6 percent.

Product detail: Within processed goods for intermediate demand in January, the index for nonferrous metals moved up 4.8 percent. Prices for industrial gases; search, detection, navigation, and guidance systems; paints and allied products; and industrial natural gas also increased. In contrast, the index for gasoline declined 5.5 percent. Prices for commercial electric power, industrial electric power, ethanol, and confectionery materials also fell.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate demand moved down 0.5 percent in January after advancing 1.9 percent in December. The decline is attributable to prices for unprocessed foodstuffs and feedstuffs, which decreased 3.5 percent. Conversely, the indexes for unprocessed nonfood materials less energy and for unprocessed energy materials rose 2.6 percent and 0.4 percent, respectively. For the 12 months ended in January, prices for unprocessed goods for intermediate demand fell 6.1 percent, the largest 12-month decline since dropping 8.2 percent in September 2024.

Product detail: A major factor in the January decline in the index for unprocessed goods for intermediate demand was a 9.8-percent drop in prices for raw milk. The indexes for ungraded chicken eggs, corn, oilseeds, natural gas, and fresh fruits and melons also moved lower. In contrast, prices for nonferrous scrap rose 8.5 percent. The indexes for crude petroleum and for slaughter chickens also advanced.

Services for intermediate demand: Prices for services for intermediate demand increased 0.3 percent in January, the fifth consecutive rise. Leading the January advance, margins for trade services for intermediate demand moved up 1.6 percent. The index for transportation and warehousing services for intermediate demand increased 0.5 percent, while prices for services less trade, transportation, and warehousing for intermediate demand were unchanged. For the 12 months ended in January, the index for services for intermediate demand rose 2.9 percent, the largest 12-month advance since moving up 3.1 percent in December 2024.

Product detail: Half of the January increase in prices for services for intermediate demand can be attributed to margins for chemicals and allied products wholesaling, which jumped 8.4 percent. The indexes for staffing services, gross rents for retail properties, legal services, portfolio management, and airline passenger services also rose. Conversely, prices for business loans (partial) fell 7.5 percent. The indexes for arrangement of freight and cargo transportation and for machinery and equipment parts and supplies wholesaling also declined.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: The index for stage 4 intermediate demand advanced 0.4 percent in January, the ninth consecutive increase. In January, prices for total services inputs to stage 4 intermediate demand rose 0.6 percent, while the index for total goods inputs was unchanged. (See table D.) Advances in the indexes for chemicals and allied products wholesaling, gross rents for retail properties, staffing services, portfolio management, legal services, and nonferrous metals outweighed decreasing prices for business loans (partial), internet advertising sales, and commercial electric power. For the 12 months ended in January, the index for stage 4 intermediate demand moved up 3.8 percent.

Stage 3 intermediate demand: Prices for stage 3 intermediate demand remained unchanged in January. A 0.5-percent rise in the index for total services inputs to stage 3 intermediate demand offset a 0.7-percent decline in prices for total goods inputs. Advances in the indexes for staffing services, nonferrous metals, chemicals and allied products wholesaling, slaughter chickens, and slaughter steers and heifers offset lower prices for raw milk; ungraded chicken eggs; business loans (partial); corn; and securities brokerage, dealing, investment advice, and related services. For the 12 months ended in January, the index for stage 3 intermediate demand increased 0.9 percent.

Stage 2 intermediate demand: The index for stage 2 intermediate demand edged up 0.1 percent in January, the third straight increase. In January, prices for total goods inputs to stage 2 intermediate demand advanced 0.2 percent, while the index for total services inputs was unchanged. Increases in the indexes for crude petroleum, staffing services, legal services, nonferrous metals, and chemicals and allied products wholesaling outweighed decreasing prices for business loans (partial), gas fuels, internet advertising sales, and oilseeds. For the 12 months ended in January, the index for stage 2 intermediate demand fell 0.9 percent, the largest 12-month decline since moving down 1.9 percent in September 2024.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand increased 0.6 percent in January, the largest advance since moving up 0.9 percent in July 2025. In January, the index for total goods inputs to stage 1 intermediate demand rose 0.7 percent, and prices for total services inputs climbed 0.4 percent. Increases in the indexes for nonferrous metals, chemicals and allied products wholesaling, iron and steel scrap, industrial gases, gross rents for retail properties, and airline passenger services outweighed falling prices for internet advertising sales, ethanol, and gasoline. For the 12 months ended in January, the index for stage 1 intermediate demand advanced 4.0 percent.

Effect of Federal Government Shutdown on PPI Data

The Federal government shutdown in October and November 2025 has continued to delay the transmission of Producer Price Index (PPI) price-update requests. Price-update requests asking for information as of the January 13, 2026 pricing date were sent to PPI survey respondents on January 27, 2026. The response rate for January data reflected in this release is within the normal range, and no modifications to PPI methodology or procedures were necessary.

The effects of the government shutdown will delay the upcoming PPI data release for February, which is rescheduled for March 18, 2026. The PPI release schedule for 2026 is available at www.bls.gov/schedule/news_release/ppi.htm.

PPI Recalculates Seasonal Adjustment Factors

Effective with this release, Producer Price Index (PPI) seasonal adjustment factors have been recalculated to reflect price-movement patterns during 2025 for the Final Demand-Intermediate Demand (FD-ID) system and commodity-grouping indexes. This routine annual recalculation impacts previously published seasonally adjusted indexes and percent changes for January 2021 through December 2025. Updated seasonal indexes and seasonal adjustment factors for January 2021 through December 2025, as well as seasonal factors for directly adjusted commodity indexes to be used through December 2026, have been posted to the BLS website. For updated seasonal factors, visit the PPI webpage at www.bls.gov/ppi/tables. Alternatively, contact the PPI Section of Index Analysis and Public Information at ppi-info@bls.gov or (202) 691-7705.

Tables E and F provide seasonally adjusted percent changes for major FD-ID system indexes in 2025, based on former and recalculated seasonal factors. These percent changes are based on PPI data through December 2025, which include final price data through August 2025 and revised interim data for September through November. This differs from values shown in tables A through C of this release for January 2026, which include final price data through September 2025 and revised interim data for October through December.

Recalculated Relative Importance Figures and Seasonal Adjustment Factors Available

Each year with the release of PPI data for January, relative importance figures and seasonal adjustment factors are recalculated to reflect price movements from the just-completed calendar year. With this year's update, PPI relative importance figure tables that describe the Final Demand-Intermediate Demand (FD-ID) aggregation structure also are impacted by the PPI update to commodity weight allocations for the FD-ID system. (See accompanying notice.) The following information is available on the PPI website at www.bls.gov/ppi/tables/.

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 have been posted to the PPI database on the BLS website.

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 this release, the Bureau of Labor Statistics (BLS) has updated 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 are 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 have been updated.

This allocation update does not change the PPI commodity classification system, reference base, the FD-ID aggregation structure, or historical index data. It has, however, resulted 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, are available 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.