Transmission of material in this release is embargoed until USDL 26-0121
8:30 a.m. (ET) Friday, January 30, 2026
Technical information: (202) 691-7705 * ppi-info@bls.gov * www.bls.gov/ppi
Media contact: (202) 691-5902 * PressOffice@bls.gov
PRODUCER PRICE INDEXES - DECEMBER 2025
The Producer Price Index for final demand increased 0.5 percent in December, seasonally
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.2
percent in November and 0.1 percent in October. (See table A.) On an unadjusted basis, the index
for final demand rose 3.0 percent in 2025 after moving up 3.5 percent in 2024.
The December increase in prices for final demand can be traced to a 0.7-percent advance in the
index for final demand services. Prices for final demand goods were unchanged.
The index for final demand less foods, energy, and trade services moved up 0.4 percent in
December, the eighth consecutive increase. Prices for final demand less foods, energy, and trade
services rose 3.5 percent in 2025 following a 3.6-percent advance in 2024.
Final Demand
Final demand services: The index for final demand services advanced 0.7 percent in December, the
largest increase since moving up 0.9 percent in July. Two-thirds of the broad-based December rise in
prices for final demand services can be traced to a 1.7-percent jump in margins for final demand
trade services. (Trade indexes measure changes in margins received by wholesalers and retailers.)
The indexes for final demand services less trade, transportation, and warehousing and for final
demand transportation and warehousing services also moved up, 0.3 percent and 0.5 percent,
respectively.
Product detail: Over 40 percent of the December increase in prices for final demand services can be
traced to a 4.5-percent rise in margins for machinery and equipment wholesaling. The indexes for
guestroom rental; food and alcohol retailing; health, beauty, and optical goods retailing; portfolio
management; and airline passenger services also advanced. Conversely, prices for bundled wired
telecommunications access services fell 4.4 percent. The indexes for automotive fuels and lubricants
retailing and for long-distance motor carrying also moved lower. (See table 2.)
Final demand goods: Prices for final demand goods were unchanged in December following a 0.8-
percent increase in November. In December, a 0.4-percent advance in the index for final demand
goods less foods and energy offset declines in prices for final demand energy and for final demand
foods, which fell 1.4 percent and 0.3 percent, respectively.
Product detail: Within final demand goods in December, the index for nonferrous metals moved up
4.5 percent. Prices for residential natural gas, motor vehicles, soft drinks, and aircraft and aircraft
equipment also increased. In contrast, the index for diesel fuel dropped 14.6 percent. Prices for
gasoline, jet fuel, beef and veal, and iron and steel scrap also decreased.
| Month | Total final demand |
Final demand less foods, energy, and trade |
Final demand goods | Final demand services | Change in final demand from 12 months ago (unadj.) |
Change in final demand less foods, energy, and trade from 12 mo. ago (unadj.) |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Foods | Energy | Less foods and energy |
Total | Trade | Transportation and warehousing |
Other | |||||
2024 |
||||||||||||
Dec. |
0.5 | 0.4 | 0.5 | 0.3 | 2.2 | 0.1 | 0.5 | 0.5 | 2.5 | 0.3 | 3.5 | 3.6 |
2025 |
||||||||||||
Jan. |
0.7 | 0.4 | 0.7 | 1.0 | 2.0 | 0.2 | 0.7 | 1.2 | 0.6 | 0.4 | 3.8 | 3.5 |
Feb. |
0.1 | 0.4 | 0.3 | 1.6 | -1.4 | 0.3 | 0.1 | -0.8 | 0.0 | 0.5 | 3.4 | 3.6 |
Mar. |
-0.2 | 0.1 | -0.9 | -2.2 | -3.9 | 0.3 | 0.2 | 0.4 | -1.7 | 0.3 | 3.2 | 3.5 |
Apr. |
-0.3 | -0.2 | 0.0 | -0.9 | -0.3 | 0.3 | -0.3 | -0.2 | 0.0 | -0.4 | 2.4 | 2.7 |
May |
0.4 | 0.1 | 0.1 | 0.0 | -0.4 | 0.3 | 0.5 | 1.4 | 0.0 | 0.1 | 2.7 | 2.7 |
June |
0.1 | 0.1 | 0.3 | 0.0 | 1.1 | 0.2 | 0.0 | -0.1 | -0.7 | 0.1 | 2.4 | 2.6 |
July |
0.8 | 0.7 | 0.6 | 1.4 | 0.7 | 0.4 | 0.9 | 1.0 | 1.5 | 0.7 | 3.2 | 2.9 |
Aug.(1) |
-0.2 | 0.3 | 0.2 | 0.0 | -0.3 | 0.4 | -0.3 | -2.1 | 0.7 | 0.3 | 2.7 | 3.0 |
Sept.(1) |
0.7 | 0.2 | 0.8 | 0.9 | 2.9 | 0.2 | 0.6 | 1.5 | 0.8 | 0.2 | 3.0 | 3.0 |
Oct.(1) |
0.1 | 0.7 | -0.4 | -0.6 | -3.3 | 0.5 | 0.3 | -0.8 | 0.0 | 0.8 | 2.8 | 3.4 |
Nov.(1) |
0.2 | 0.2 | 0.8 | 0.0 | 3.7 | 0.2 | 0.0 | -0.6 | 0.8 | 0.2 | 3.0 | 3.5 |
Dec. |
0.5 | 0.4 | 0.0 | -0.3 | -1.4 | 0.4 | 0.7 | 1.7 | 0.5 | 0.3 | 3.0 | 3.5 |
|
Footnotes |
||||||||||||
Intermediate Demand by Commodity Type Within intermediate demand in December, prices for processed goods edged down 0.1 percent, the index for unprocessed goods increased 2.3 percent, and prices for services advanced 0.7 percent. (See tables B and C.) Processed goods for intermediate demand: Prices for processed goods for intermediate demand moved down 0.1 percent in December after rising 0.5 percent in November. A major factor in the decline was the index for processed energy goods, which fell 2.4 percent. Prices for processed foods and feeds decreased 1.3 percent. Conversely, the index for processed materials less foods and energy increased 0.7 percent. Prices for processed goods for intermediate demand rose 3.4 percent in 2025 following a 0.1-percent advance in 2024. Product detail: Leading the December decline in prices for processed goods for intermediate demand, the index for diesel fuel dropped 14.6 percent. Prices for jet fuel, gasoline, agricultural chemicals and chemical products, and natural cheese (except cottage cheese) also fell. In contrast, the index for nonferrous mill shapes rose 2.6 percent. Prices for utility natural gas, electric power, and synthetic organic plasticizers also advanced. Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate demand moved up 2.3 percent in December, the largest increase since jumping 5.8 percent in January. More than three-fourths of the December rise can be traced to prices for unprocessed energy materials, which advanced 5.5 percent. The index for unprocessed nonfood materials less energy moved up 2.6 percent. Conversely, prices for unprocessed foodstuffs and feedstuffs decreased 0.6 percent. The index for unprocessed goods for intermediate demand fell 0.3 percent in 2025 after rising 4.5 percent in 2024. Product detail: A major factor in the December increase in prices for unprocessed goods for intermediate demand was the index for natural gas, which jumped 34.8 percent. Prices for raw milk, nonferrous metal ores, nonferrous scrap, slaughter poultry, and slaughter cows and bulls also advanced. In contrast, the index for slaughter hogs declined 10.1 percent. Prices for crude petroleum and for carbon steel scrap also fell.
| Month | Processed goods for intermediate demand | Unprocessed goods for intermediate demand | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Total | Foods and feeds |
Energy goods |
Less foods and energy |
Total, change from 12 months ago (unadj.) |
Total | Foodstuffs and feedstuffs |
Energy materials |
Nonfood materials less energy |
Total, change from 12 months ago (unadj.) |
|
2024 |
||||||||||
Dec. |
0.2 | 0.3 | 1.1 | -0.1 | 0.1 | 2.9 | 1.2 | 8.0 | -1.7 | 4.5 |
2025 |
||||||||||
Jan. |
1.0 | 0.8 | 3.6 | 0.4 | 1.0 | 5.8 | 2.4 | 12.3 | 1.3 | 8.3 |
Feb. |
0.4 | 2.0 | -0.1 | 0.3 | 0.3 | 0.2 | 4.0 | -4.2 | 1.4 | 9.3 |
Mar. |
-0.1 | -0.5 | -2.8 | 0.7 | 0.7 | -3.9 | -5.9 | -5.0 | 1.0 | 6.5 |
Apr. |
0.3 | -0.9 | 0.1 | 0.5 | 0.5 | -3.7 | -3.4 | -7.1 | 1.0 | 0.3 |
May |
0.1 | 0.7 | -2.0 | 0.6 | 1.8 | -1.6 | 1.2 | -5.0 | -1.3 | -1.2 |
June |
-0.1 | -0.3 | -0.2 | -0.1 | 1.8 | 2.2 | 0.7 | 5.1 | 0.7 | 0.6 |
July |
0.8 | -0.1 | 3.1 | 0.4 | 2.1 | 1.6 | 1.3 | 1.9 | 1.6 | 0.2 |
Aug.(1) |
0.4 | 0.7 | 0.0 | 0.4 | 2.6 | -1.7 | -0.3 | -4.3 | -0.4 | 1.7 |
Sept.(1) |
0.3 | 0.9 | 0.5 | 0.2 | 3.7 | 0.0 | 1.6 | -2.9 | 1.4 | 3.5 |
Oct.(1) |
-0.3 | -1.9 | -1.4 | 0.2 | 3.1 | -1.3 | -3.0 | -2.9 | 3.4 | -0.2 |
Nov.(1) |
0.5 | -0.3 | 2.6 | 0.1 | 3.6 | 0.5 | -0.2 | 0.9 | 1.1 | 0.3 |
Dec. |
-0.1 | -1.3 | -2.4 | 0.7 | 3.4 | 2.3 | -0.6 | 5.5 | 2.6 | -0.3 |
|
Footnotes |
||||||||||
Services for intermediate demand: The index for services for intermediate demand moved up 0.7 percent in December, the largest increase since rising 0.7 percent in July. Nearly seventy percent of the broad-based advance in December can be traced to prices for services less trade, transportation, and warehousing for intermediate demand, which climbed 0.7 percent. The indexes for trade services for intermediate demand and for transportation and warehousing services for intermediate demand also moved higher, 0.6 percent and 0.7 percent, respectively. Prices for services for intermediate demand rose 2.7 percent in 2025 following a 3.1-percent increase in 2024. Product detail: Thirty percent of the December advance in the index for services for intermediate demand is attributable to a 10.1-percent increase in prices for gross rents for retail properties. The indexes for machinery and equipment parts and supplies wholesaling; deposit services (partial); portfolio management; guestroom rental; and courier, messenger, and U.S. postal services also moved higher. Conversely, prices for bundled wired telecommunications access services fell 4.4 percent. The indexes for food wholesaling and for long-distance motor carrying also decreased.
| Month | Services for intermediate demand | ||||
|---|---|---|---|---|---|
| Total | Trade | Transportation and warehousing |
Other | Total, change from 12 months ago (unadj.) |
|
2024 |
|||||
Dec. |
0.6 | -0.1 | 1.2 | 0.6 | 3.1 |
2025 |
|||||
Jan. |
0.1 | 0.9 | 0.4 | -0.2 | 2.4 |
Feb. |
0.0 | 0.4 | 0.1 | -0.1 | 2.5 |
Mar. |
0.3 | 2.6 | -0.4 | -0.1 | 2.6 |
Apr. |
-0.3 | -2.1 | 0.3 | 0.1 | 2.1 |
May |
0.1 | -0.1 | -0.2 | 0.2 | 1.9 |
June |
0.1 | 0.5 | 0.4 | -0.1 | 1.6 |
July |
0.7 | 1.3 | 0.9 | 0.4 | 1.9 |
Aug.(1) |
0.1 | -1.9 | 0.3 | 0.6 | 1.9 |
Sept.(1) |
0.3 | 1.6 | 0.4 | 0.0 | 2.0 |
Oct.(1) |
0.3 | 0.2 | 0.5 | 0.3 | 2.2 |
Nov.(1) |
0.1 | 1.0 | 0.7 | -0.2 | 2.5 |
Dec. |
0.7 | 0.6 | 0.7 | 0.7 | 2.7 |
|
Footnotes |
|||||
Intermediate Demand by Production Flow Stage 4 intermediate demand: Prices for stage 4 intermediate demand rose 0.6 percent in December, the largest advance since moving up 0.8 percent in July. In December, the index for total services inputs to stage 4 intermediate demand increased 0.9 percent, and prices for total goods inputs climbed 0.2 percent. (See table D.) Advances in the indexes for gross rents for retail properties, machinery and equipment parts and supplies wholesaling, portfolio management, nonferrous metals, nonresidential property management fees, and gross rents for office buildings outweighed declines in prices for diesel fuel; hay, hayseeds, and oilseeds; and services related to securities brokerage and dealing (partial). The index for stage 4 intermediate demand rose 3.7 percent in 2025 after increasing 2.6 percent in 2024. Stage 3 intermediate demand: Prices for stage 3 intermediate demand rose 0.2 percent in December after edging up 0.1 percent in November. In December, the index for total services inputs to stage 3 intermediate demand increased 0.4 percent. In contrast, prices for total goods inputs decreased 0.1 percent. Advances in the indexes for gross rents for retail properties; raw milk; nonferrous metals; courier, messenger, and U.S. postal services; slaughter poultry; and metals, minerals, and ores wholesaling outweighed declines in prices for diesel fuel, slaughter hogs, and cable network advertising time sales. The index for stage 3 intermediate demand rose 1.9 percent in 2025 following a 1.8-percent increase in 2024. Stage 2 intermediate demand: The index for stage 2 intermediate demand advanced 1.4 percent in December, the largest increase since moving up 1.9 percent in January. In December, prices for total goods inputs to stage 2 intermediate demand jumped 2.6 percent, and the index for total services inputs rose 0.5 percent. Advances in prices for gas fuels, nonferrous metals, deposit services (partial), guestroom rental, business loans (partial), and pipeline transportation of energy products outweighed decreases in the indexes for crude petroleum, automotive fuels and lubricants retailing, and food wholesaling. Prices for stage 2 intermediate demand increased 0.8 percent in 2025 after rising 2.2 percent in 2024. Stage 1 intermediate demand: Prices for stage 1 intermediate demand rose 0.5 percent in December, the fourth consecutive advance. In December, the index for total services inputs to stage 1 intermediate demand moved up 1.0 percent. Conversely, prices for total goods inputs fell 0.1 percent. Increases in the indexes for gross rents for retail properties, guestroom rental, utility natural gas, nonferrous metals, machinery and equipment parts and supplies wholesaling, and airline passenger services outweighed declines in prices for diesel fuel, services related to securities brokerage and dealing (partial), and agricultural chemicals and chemical products. The index for stage 1 intermediate demand rose 3.9 percent in 2025 following a 0.9-percent advance in 2024.
| Month | Stage 4 intermediate demand |
Stage 3 intermediate demand |
Stage 2 intermediate demand |
Stage 1 intermediate demand |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Goods inputs |
Services inputs |
Total | Goods inputs |
Services inputs |
Total | Goods inputs |
Services inputs |
Total | Goods inputs |
Services inputs |
|
2024 |
||||||||||||
Dec. |
0.5 | 0.2 | 0.7 | 0.3 | 0.2 | 0.5 | 1.4 | 2.7 | 0.5 | 0.4 | 0.0 | 0.8 |
2025 |
||||||||||||
Jan. |
0.4 | 0.5 | 0.4 | 1.0 | 2.0 | 0.3 | 1.9 | 5.5 | -0.5 | 0.9 | 1.2 | 0.6 |
Feb. |
0.2 | 0.3 | 0.1 | 0.5 | 1.4 | -0.3 | -0.7 | -1.5 | -0.1 | 0.3 | 0.5 | 0.1 |
Mar. |
0.2 | 0.0 | 0.3 | -0.5 | -1.7 | 0.4 | -0.6 | -2.0 | 0.4 | 0.2 | 0.1 | 0.4 |
Apr. |
0.1 | 0.5 | -0.3 | -0.5 | -1.0 | -0.1 | -1.1 | -2.5 | -0.1 | -0.2 | 0.3 | -0.5 |
May |
0.0 | 0.2 | -0.1 | 0.2 | 0.3 | 0.1 | -0.6 | -1.8 | 0.1 | 0.1 | 0.1 | 0.1 |
June |
0.1 | 0.1 | 0.1 | 0.1 | -0.1 | 0.3 | 0.8 | 1.9 | 0.0 | -0.1 | -0.1 | 0.0 |
July |
0.8 | 0.5 | 1.0 | 0.9 | 1.4 | 0.5 | 0.5 | 0.9 | 0.3 | 1.0 | 1.0 | 1.1 |
Aug.(1) |
0.3 | 0.4 | 0.2 | 0.0 | 0.0 | 0.0 | -0.6 | -1.2 | -0.1 | 0.0 | 0.2 | -0.1 |
Sept.(1) |
0.4 | 0.5 | 0.3 | 0.3 | 0.4 | 0.3 | -0.1 | -0.6 | 0.3 | 0.5 | 0.6 | 0.5 |
Oct.(1) |
0.2 | 0.1 | 0.3 | -0.5 | -1.5 | 0.3 | 0.0 | -0.6 | 0.3 | 0.1 | -0.2 | 0.4 |
Nov.(1) |
0.4 | 0.4 | 0.4 | 0.1 | 0.2 | 0.0 | -0.1 | 0.4 | -0.5 | 0.3 | 0.4 | 0.2 |
Dec. |
0.6 | 0.2 | 0.9 | 0.2 | -0.1 | 0.4 | 1.4 | 2.6 | 0.5 | 0.5 | -0.1 | 1.0 |
|
Footnotes |
||||||||||||
________________
The Producer Price Index for January 2026 is scheduled to be released on Friday, February 27, 2026,
at 8:30 a.m. (ET).
*****
Effect of Federal Government Shutdown on PPI Data
The Federal government shutdown in October and November has significantly delayed the
transmission of Producer Price Index (PPI) price-update requests. Price-update requests asking
for information as of the December 9, 2025 pricing date were sent to PPI survey respondents on
January 5, 2026. The response rate for December 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 continue to delay upcoming PPI data releases, with
the January PPI data release rescheduled for February 27, 2026. Revised PPI release dates will
be posted at www.bls.gov/bls/2025-lapse-revised-release-dates.htm as they become available.
*****
Recalculated Relative Importance Figures and Seasonal Adjustment Factors to be
Available on February 27, 2026
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 will be impacted by the PPI
update to commodity weight allocations for the FD-ID system. (See accompanying notice.) The
following information will be released on February 27, 2026, at 8:30 AM eastern time, in
conjunction with the release of PPI data for January 2026, and will be 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 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.