February 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 0.7 percent in February, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices moved up 0.5 percent in January and 0.4 percent in December 2025. (See table A.) On an unadjusted basis, the index for final demand rose 3.4 percent for the 12 months ended in February, the largest 12- month advance since increasing 3.4 percent in February 2025.

More than half of the February rise in prices for final demand can be attributed to a 0.5-percent advance in the index for final demand services. Prices for final demand goods increased 1.1 percent.

The index for final demand less foods, energy, and trade services rose 0.5 percent in February, the tenth consecutive advance. For the 12 months ended in February, prices for final demand less foods, energy, and trade services increased 3.5 percent.

Final Demand

Final demand services: The index for final demand services rose 0.5 percent in February, the third straight advance. Nearly three-fourths of the February broad-based increase can be traced to prices for final demand services less trade, transportation, and warehousing, which moved up 0.6 percent. The indexes for final demand trade services and for final demand transportation and warehousing services also rose, 0.4 percent and 0.5 percent, respectively. (Trade indexes measure changes in margins received by wholesalers and retailers.)

Product detail: About 20 percent of the February advance in the index for final demand services is attributable to a 5.7-percent jump in prices for traveler accommodation services. The indexes for food and alcohol wholesaling; securities brokerage, dealing, investment advice, and related services; fuels and lubricants retailing; long-distance motor carrying; and inpatient care also rose. In contrast, margins for apparel, footwear, and accessories retailing fell 4.5 percent. The indexes for gaming receipts (partial) and for airline passenger services also decreased. (See table 2.)

Final demand goods: Prices for final demand goods increased 1.1 percent in February, the largest rise since moving up 1.6 percent in August 2023. Forty percent of the February broad-based advance can be traced to the index for final demand foods, which jumped 2.4 percent. Prices for final demand energy and for final demand goods less foods and energy also increased, 2.3 percent and 0.3 percent, respectively.

Product detail: Over 20 percent of the February rise in the index for final demand goods is attributable to a 48.9-percent jump in prices for fresh and dry vegetables. The indexes for diesel fuel, chicken eggs, gasoline, jet fuel, and tobacco products also increased. Conversely, prices for jewelry and jewelry products fell 4.0 percent. The indexes for home heating oil and for soft drinks also declined.

Intermediate Demand by Commodity Type

Within intermediate demand in February, price increases were broad-based, with the index for processed goods rising 1.6 percent, prices for unprocessed goods advancing 3.1 percent, and the index for services moving up 0.8 percent. (See tables B and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate demand rose 1.6 percent in February, the largest increase since moving up 2.0 percent in August 2023. Sixty percent of the February advance is attributable to a 5.5-percent jump in prices for processed energy goods. The indexes for processed materials less foods and energy and for processed foods and feeds also rose, 0.8 percent and 0.3 percent, respectively. For the 12 months ended in February, prices for processed goods for intermediate demand increased 4.0 percent, the largest 12- month advance since moving up 4.8 percent in December 2022.

Product detail: Nearly 30 percent of the February rise in the index for processed goods for intermediate demand can be traced to prices for diesel fuel, which increased 13.9 percent. The indexes for utility natural gas, electronic components and accessories, jet fuel, industrial chemicals, and meats also moved higher. In contrast, prices for sugar and confectionery products fell 1.8 percent. The indexes for asphalt and for plastic resins and materials also decreased.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate demand advanced 3.1 percent in February, the largest increase since moving up 5.5 percent in January 2025. Sixty percent of the February rise is attributable to prices for unprocessed energy materials, which climbed 6.0 percent. The indexes for unprocessed foodstuffs and feedstuffs and for unprocessed nonfood materials less energy also advanced, 2.3 percent and 1.1 percent, respectively. For the 12 months ended in February, prices for unprocessed goods for intermediate demand declined 1.7 percent.

Product detail: Over 30 percent of the February increase in the index for unprocessed goods for intermediate demand can be traced to a 10.9-percent rise in natural gas prices. The indexes for crude petroleum; slaughter steers and heifers; slaughter hogs; hay, hayseeds, and oilseeds; and carbon steel scrap also moved higher. Conversely, raw milk prices fell 9.1 percent. The indexes for slaughter cows and bulls and for cast iron scrap also declined.

Services for intermediate demand: Prices for services for intermediate demand moved up 0.8 percent in February, the largest rise since climbing 0.8 percent in January 2024. Sixty percent of the February increase was the result of a 0.7-percent advance in the index for services less trade, transportation, and warehousing for intermediate demand. The indexes for trade services for intermediate demand and for transportation and warehousing services for intermediate demand also moved higher, 1.0 percent and 0.8 percent, respectively. For the 12 months ended in February, prices for services for intermediate demand rose 3.7 percent, the largest 12-month increase since advancing 3.8 percent in October 2024.

Product detail: Twenty percent of the February increase in the index for services for intermediate demand can be attributed to a 4.2-percent advance in prices for securities brokerage, dealing, investment advice, and related services. The indexes for food and alcohol wholesaling; gross rents for retail properties; freight forwarding; metals, minerals, and ores wholesaling; and legal services also moved higher. In contrast, prices for television advertising time sales declined 7.9 percent. The indexes for hardware, building materials, and supplies retailing and for ground courier and messenger services also fell.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: The index for stage 4 intermediate demand increased 1.0 percent in February, the largest advance since moving up 1.0 percent in May 2022. In February, prices for both total services inputs and total goods inputs to stage 4 intermediate demand also rose 1.0 percent. (See table D.) Increases in the indexes for securities brokerage, dealing, investment advice, and related services; gross rents for retail properties; food and alcohol wholesaling; electronic components and accessories; utility natural gas; and diesel fuel outweighed declining prices for gross rents for office buildings, industrial electric power, and confectionary materials. For the 12 months ended in February, the index for stage 4 intermediate demand advanced 4.6 percent, the largest 12-month rise since moving up 4.8 percent in February 2023.

Stage 3 intermediate demand: The index for stage 3 intermediate demand increased 0.7 percent in February, the largest advance since rising 0.7 percent in July 2025. In February, prices for total goods inputs to stage 3 intermediate demand jumped 1.2 percent, and the index for total services inputs moved up 0.2 percent. Advances in prices for diesel fuel; electronic components and accessories; slaughter steers and heifers; slaughter hogs; securities brokerage, dealing, investment advice, and related services; and ungraded chicken eggs outweighed declines in the indexes for raw milk, television advertising time sales, and asphalt. For the 12 months ended in February, prices for stage 3 intermediate demand rose 1.1 percent.

Stage 2 intermediate demand: Prices for stage 2 intermediate demand rose 1.8 percent in February, the largest increase since advancing 2.0 percent in January 2025. In February, the index for total goods inputs to stage 2 intermediate demand jumped 3.1 percent, and prices for total services inputs moved up 1.0 percent. Increases in the indexes for gas fuels; crude petroleum; freight forwarding; food and alcohol wholesaling; electronic components and accessories; and securities brokerage, dealing, investment advice, and related services outweighed decreasing prices for plastic resins and materials, broadcast and network television advertising time sales, and business loans (partial). For the 12 months ended in February, the index for stage 2 intermediate demand moved up 2.3 percent, the largest 12-month advance since rising 2.6 percent in March 2025.

Stage 1 intermediate demand: The index for stage 1 intermediate demand rose 1.4 percent in February, the largest advance since jumping 1.9 percent in May 2022. In February, prices for total goods inputs to stage 1 intermediate demand moved up 1.8 percent, and the index for total services inputs increased 1.0 percent. Higher prices for diesel fuel; carbon steel scrap; utility natural gas; securities brokerage, dealing, investment advice, and related services; industrial chemicals; and traveler accommodation services outweighed declines in the indexes for hardware, building materials, and supplies retailing; television advertising time sales; and confectionery materials. For the 12 months ended in February, prices for stage 1 intermediate demand rose 5.3 percent, the largest 12-month advance since moving up 5.4 percent in December 2022.

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 February 10, 2026 pricing date were sent to PPI survey respondents on February 19, 2026. The response rate for February data reflected in this release is within the normal range, and no modifications to PPI methodology or procedures were necessary.

The upcoming PPI data release for March is scheduled for April 14, 2026. The PPI release schedule for 2026 is available at www.bls.gov/schedule/news_release/ppi.htm.