March 2026 Producer Price Index

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The Producer Price Index for final demand increased 0.5 percent in March, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices moved up 0.5 percent in February and 0.6 percent in January. (See table A.) On an unadjusted basis, the index for final demand rose 4.0 percent for the 12 months ended in March, the largest 12-month advance since increasing 4.7 percent in February 2023.

The March rise in final demand prices can be attributed to a 1.6-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 increased 0.2 percent in March after climbing 0.5 percent in both February and January. For the 12 months ended in March, prices for final demand less foods, energy, and trade services rose 3.6 percent, the largest 12- month advance since moving up 3.6 percent in November 2025.

Final Demand

Final demand goods: The index for final demand goods increased 1.6 percent in March, the largest rise since moving up 1.6 percent in August 2023. Most of the March advance can be traced to prices for final demand energy, which jumped 8.5 percent. The index for final demand goods less foods and energy increased 0.2 percent. In contrast, prices for final demand foods declined 0.3 percent.

Product detail: Nearly half of the March advance in the index for final demand goods is attributable to a 15.7-percent rise in gasoline prices. The indexes for diesel fuel, jet fuel, home heating oil, meats, and primary basic organic chemicals also increased. Conversely, prices for fresh and dry vegetables fell 10.7 percent. The indexes for natural gas and for carbon steel scrap also decreased. (See table 2.)

Final demand services: The index for final demand services was unchanged in March following a 0.3-percent advance in February. In March, price increases of 1.3 percent for final demand transportation and warehousing services and 0.1 percent for final demand services less trade, transportation, and warehousing offset a 0.3-percent decline in margins for final demand trade services. (Trade indexes measure changes in margins received by wholesalers and retailers.)

Product detail: Within final demand services in March, prices for airline passenger services rose 2.8 percent. The indexes for food retailing; apparel, jewelry, footwear, and accessories retailing; outpatient care (partial); and truck transportation of freight also moved higher. In contrast, margins for food and alcohol wholesaling fell 6.0 percent. The indexes for fuels and lubricants retailing; securities brokerage, dealing, and investment advice; deposit services (partial); and brokerage fees and commissions for residential property agreements also decreased.

Intermediate Demand by Commodity Type

Within intermediate demand in March, prices for processed goods rose 2.6 percent, the index for unprocessed goods fell 2.6 percent, and prices for services declined 0.1 percent. (See tables B and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate demand rose 2.6 percent in March, the largest increase since moving up 2.8 percent in May 2022. More than three-quarters of the broad-based March advance can be traced to an 11.3-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, 0.7 percent and 0.9 percent, respectively. For the 12 months ended in March, prices for processed goods for intermediate demand increased 6.6 percent, the largest 12-month advance since moving up 7.6 percent in November 2022.

Product detail: More than half of the March increase in the index for processed goods for intermediate demand can be attributed to a 42.0-percent jump in prices for diesel fuel. The indexes for gasoline, jet fuel, primary basic organic chemicals, steel mill products, and residual fuels also rose. Conversely, prices for natural gas to electric utilities fell 7.2 percent. The indexes for soybean cake and meal and for softwood lumber (not edge worked) also declined.

Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate demand moved down 2.6 percent in March, the largest decline since falling 3.5 percent in April 2025. The March decrease can be traced to a 7.7-percent drop in the index for unprocessed energy materials. In contrast, prices for unprocessed foodstuffs and feedstuffs and for unprocessed nonfood materials less energy advanced 0.5 percent and 0.2 percent, respectively. For the 12 months ended in March, the index for unprocessed goods for intermediate demand rose 4.9 percent, the largest 12- month increase since moving up 6.5 percent in March 2025.

Product detail: Leading the March decline in the index for unprocessed goods for intermediate demand, prices for natural gas dropped 51.7 percent. The indexes for slaughter cattle, carbon steel scrap, slaughter chickens, fresh fruits and melons, and fresh and dry vegetables also decreased. Conversely, prices for grains rose 7.6 percent. The indexes for crude petroleum and for nonferrous metal ores also increased.

Services for intermediate demand: Prices for services for intermediate demand edged down 0.1 percent in March, the first decline since falling 0.4 percent in April 2025. A 0.7-percent drop in margins for trade services for intermediate demand was a major factor in the March decrease. The index for services less trade, transportation, and warehousing for intermediate demand inched down 0.1 percent. In contrast, prices for transportation and warehousing services for intermediate demand rose 0.5 percent. For the 12 months ended in March, the index for services for intermediate demand increased 2.9 percent.

Product detail: A 6.0-percent decline in margins for food and alcohol wholesaling was a major factor in the March decrease in prices for services for intermediate demand. The indexes for gross rents for retail properties; securities brokerage, dealing, and investment advice; freight forwarding; and deposit services (partial) also fell. Conversely, prices for warehousing, storage, and related services rose 4.8 percent. The indexes for loan services (partial); metals, minerals, and ores wholesaling; and gross rents for office buildings also increased.

Intermediate Demand by Production Flow

Stage 4 intermediate demand: Prices for stage 4 intermediate demand advanced 0.3 percent in March after moving up 0.8 percent in February. In March, the index for total goods inputs to stage 4 intermediate demand increased 0.8 percent. In contrast, prices for total services inputs fell 0.2 percent. (See table D.) Rising prices for diesel fuel; gasoline; gross rents for office buildings; warehousing, storage, and related services; loan services (partial); and portfolio management outweighed declines in the indexes for gross rents for retail properties, food and alcohol wholesaling, and electric power. For the 12 months ended in March, prices for stage 4 intermediate demand advanced 4.4 percent.

Stage 3 intermediate demand: The index for stage 3 intermediate demand rose 1.2 percent in March, the largest advance since moving up 1.2 percent in August 2023. In March, prices for total goods inputs to stage 3 intermediate demand jumped 2.0 percent, and the index for total services inputs increased 0.3 percent. Higher prices for diesel fuel, raw milk, gasoline, loan services (partial), primary basic organic chemicals, and grains outweighed decreases in the indexes for slaughter cattle, slaughter chickens, and gross rents for retail properties. For the 12 months ended in March, prices for stage 3 intermediate demand increased 2.6 percent, the largest 12-month advance since rising 3.9 percent in January 2023.

Stage 2 intermediate demand: Prices for stage 2 intermediate demand decreased 0.4 percent in March, the largest decline since falling 0.6 percent in August 2025. In March, the index for total goods inputs to stage 2 intermediate demand moved down 0.8 percent, and prices for total services inputs decreased 0.2 percent. Declines in the indexes for natural gas; food and alcohol wholesaling; freight forwarding; deposit services (partial); fuels and lubricants retailing; and securities brokerage, dealing, and investment advice outweighed higher prices for crude petroleum, diesel fuel, and loan services (partial). For the 12 months ended in March, the index for stage 2 intermediate demand increased 4.3 percent, the largest 12-month advance since rising 5.5 percent in January 2023.

Stage 1 intermediate demand: Prices for stage 1 intermediate demand advanced 1.2 percent in March, the same as in February. In March, the index for total goods inputs to stage 1 intermediate demand rose 2.4 percent. Conversely, prices for total services inputs edged down 0.1 percent. Increases in the indexes for diesel fuel; primary basic organic chemicals; gasoline; jet fuel; crude petroleum; and metals, minerals, and ores wholesaling outweighed lower prices for gross rents for retail properties, carbon steel scrap, and natural gas. For the 12 months ended in March, the index for stage 1 intermediate demand moved up 6.2 percent, the largest 12-month advance since rising 7.7 percent in November 2022.